• 2018 February 9 12:31

    TTS sells major part of its activities to MacGregor

    Norwegian-headquartered TTS Group ASA has entered into a sales agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange in Finland. The agreement implies a takeover by MacGregor of all TTS’ assets except for TTS Group ASA and its Syncrolift business, the Group said in a press release.
     
    Agreed purchase price is MNOK 840 on an enterprise value basis. Final pricing is therefore subject to working capital and net debt adjustments at closing. Based on 3Q 2017 financials the transaction will be equivalent to NOK 7.0 per share and NOK 6.6 per share on a fully diluted basis.

    Both companies are global providers of handling solutions and access systems and services for the marine and offshore industries. TTS has approximately 930 employees, while MacGregor activities counts approximately 2,000 employees.

    "The ships equipment industry is moving towards larger, integrated units with global presence, offering a broader scope of products and services. In order to meet this challenge a combination of TTS's marine and offshore activities with MacGregor will be an important step in the consolidation of the industry, and is expected to be favorable to all TTS stakeholders in the long term," says TTS Group CEO Toril Eidesvik.

    The Board of Directors will propose a significant dividend to the shareholders when the transaction is completed.

    The new TTS – Nekkar ASA
    TTS, proposed to be renamed Nekkar, will build its future operation around Business Unit Shipyard Solutions with its Syncrolift brand, and additionally seek new investment opportunities.

    "We are proud of the business we are handing over to MacGregor, with its skilled workforce, products, solutions and services. The divestment demonstrates the value of TTS’s contribution to the global marine and offshore industry for more than 50 years,” says Toril Eidesvik.

    "Looking forward this event creates an excellent opportunity to build a new TTS based on our heritage, access to exciting technology and knowledge clusters in Norway, together with a strong and committed management team," she continues.

    The remaining subsidiary, TTS Syncrolift has been a major supplier to shipyards worldwide during the last thirty years, with state of the art products for handling, launching and docking, and provides a solid basis on which to build the new TTS.

    Conditions and formalities
    The transaction is subject to approvals from relevant competition authorities. The approval process will start immediately. All approvals are expected within the third quarter of 2018.

    TTS will summon an extraordinary general meeting in order to approve the transaction. Undertakings from more than two-thirds of the company’s shareholders and bondholders are confirmed as of today.

    The extraordinary general meeting in TTS shall also approve change of the Company's name from TTS Group ASA to Nekkar ASA, subject to closing of the transaction. The meeting is scheduled to be held on 12 March 2018.

    About TTS
    TTS Group ASA, headquartered in Bergen, Norway, is a global provider of handling solutions and access systems and services for the marine and offshore industries. TTS is one of the top three largest suppliers in the market segments. TTS has approximately 930 employees worldwide with subsidiaries based in Belgium, Brazil, China, Germany, Greece, Italy, Korea, Norway, Poland, Singapore, Sweden, UAE, USA and Vietnam. The Group specializes primarily in the design, assembly and testing of equipment. Apart from the manufacture of certain key components, a global network of subcontractors undertakes production.

    About Cargotec/MacGregor
    Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas are Kalmar, Hiab and MacGregor. MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services. MacGregor operates in 32 countries and employs approximately 2,000 people. Cargotec employs over 11,000 people.




2018 May 20

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2018 May 19

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2018 May 18

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17:38 Seaspan accepts delivery of third 10000 TEU SAVER containership in four ship series
17:35 Prosafe extends standstill agreement with Cosco
17:17 Okskaya Sudoverf delivered Belmax 1, first non-self-propelled tank barge of Project ROB20
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16:35 Port of Hamburg receives ‘Best Global Seaport’ award
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2018 May 17

18:05 Technava and Propulsion Analytics join forces for providing management solutions to the shipping industry in Greece and Cyprus
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16:35 Yang Ming wins Best Shipping Line – Intra-Asia Award
16:20 Throughput of port Primorsk in 4M’18 down 19% Y-o-Y to 18.10 million tonnes
16:05 ESPO congratulates seven Wadden Sea ports for obtaining EcoPorts environmental performance standard
15:37 Small-Mid Scale LNG Summit to provide industry solutions
15:34 Rimorchiatori Laziali takes delivery of two vessels from Sanmar
15:31 Konecranes Gottwald Mobile Harbor Crane for Nigerian river port
15:16 Maritime2020 to prepare shipping professionals for IMO Regulations
14:52 Throughput of port Vysotsk in 4M’18 is flat Y-o-Y at 6.19 million tonnes
14:49 Rolls-Royce and Finferries sign cooperation agreement to optimise ship safety and efficiency
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14:05 NSW Ports introduces Australia's First Environmental Incentive for Shipping Lines
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