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.