Update on the regulatory process: MacGregor's TTS acquisition expected to close in Q1 2019
CARGOTEC CORPORATION, PRESS RELEASE, 20 DECEMBER 2018 AT 9.30 EET
MacGregor, part of Cargotec, announced on 8 February, 2018 that it has entered into an agreement to acquire the marine and offshore businesses of TTS Group ASA. The acquisition is subject to regulatory approvals from competition authorities in China, Germany and South Korea. MacGregor announced the approval from the German regulator on 6 November 2018 but is still waiting for the approvals from the authorities in China and South Korea.
MacGregor earlier announced that it expects to receive all the needed approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter. Due to longer than expected regulatory processes in China and South Korea, the company currently expects to close the transaction in Q1 2019.
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MacGregor is a leader in intelligent maritime cargo and load handling with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes, Rapp Marine and Triplex products, services and solutions, all designed to perform with the sea.
Shipbuilders, shipowners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor. 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 worldwide. www.cargotec.com