MacGregor signs Letter of Intent on strategic cooperation with CSSC
30/10/2018
CARGOTEC CORPORATION, PRESS RELEASE, 30 OCTOBER, 2018 AT 2.30 PM EET
MacGregor and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent (LOI) on strategic cooperation. The LOI was signed on 29 October, 2018 at an executive level meeting in Beijing led by Lei Fanpei, the CSSC Chairman and Michel van Roozendaal, MacGregor President.
MacGregor sees that this cooperation will further strengthen its presence in Asia and specifically in China, the world's biggest shipbuilding market. CSSC is a very important partner for MacGregor, as it is the primary shipbuilding group in China and well positioned as a global leader in the industry.
The LOI relates to MacGregor's planned acquisition of the marine and offshore businesses of TTS Group and future cooperation potential between the two groups. The acquisition is subject to regulatory approvals in China, Germany and South Korea, and MacGregor is expecting to receive these approvals by the end of 2018.
The mutual trust built between MacGregor and CSSC during the 30 years of partnership will be a solid foundation for the new chapter of strategic cooperation.
For more information, please contact:
Pasi Lehtonen, SVP, Marketing, Business Development & Strategy, MacGregor
Tel. +65 91737550, email: pasi.lehtonen@macgregor.com
or
Robin Thuillier, Director, Communications, MacGregor
tel. +65 9730 4301 email: robin.thuillier@macgregor.com
MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes and Triplex brands. Shipbuilders, owners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor.
MacGregor solutions and services for handling marine cargoes, vessel operations, offshore loads, crude/LNG transfer and offshore mooring are all designed to perform with the sea. www.macgregor.com
MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2017 totalled approximately EUR 3.2 billion and it employs over 11,000 people. www.cargotec.com