MacGregor Acquires TTS Marine & Offshore Unit

August 1, 2019

(Photo: TTS Group)
(Photo: TTS Group)

Cargotec announced on Thursday that its MacGregor business area has completed the acquisition of the marine and offshore businesses of equipment manufacturer TTS Group ASA following required regulatory approvals.

Cargotec announced in February 2018 it had agreed to acquire the businesses for an enterprise value of approximately EUR 87 million ($96 million).

The acquired businesses will be integrated within MacGregor's operating structure, and their results will be consolidated into MacGregor's financial figures as of August 1, 2019, the company said.

According to Cargotec's preliminary estimates, approximately 30% of TTS sales are related to TTS companies where the Group's ownership is 50%. Cargotec said it plans to consolidate these companies using the equity method, whereby 50% of the companies' net profit will be presented as a separate row in Cargotec's financial statements before EBIT. This means that sales income from these companies will not be consolidated into Cargotec's sales.



Current News

There’s Something Happening off Newfoundland

There’s Something Happening off Newfoundland

New Jersey to Create WIND Institute

New Jersey to Create WIND Institute

Empyrean Energy to Spud Well in Indonesia

Empyrean Energy to Spud Well in Indonesia

Ed LeBlanc Joins Ørsted

Ed LeBlanc Joins Ørsted

Rotterdam Port Rides High on Offshore Waves

Rotterdam Port Rides High on Offshore Waves

Power Outage Shuts Hibernia Production

Power Outage Shuts Hibernia Production

Saudi Aramco Asks Banks to Pitch for IPO Roles

Saudi Aramco Asks Banks to Pitch for IPO Roles

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week