Cargotec Expands into Offshore by Acquiring Hydramarine
Cargotec's MacGREGOR business area providing marine cargo handling solutions has signed an agreement to acquire Hydramarine AS. Hydramarine is based in Norway and is the leading company in high-end area of offshore and sub sea load handling systems for the offshore vessel industry. Cargotec will acquire 90% of the company with the remaining shares being owned by employees. The acquisition is subject to competition authority approval.
Hydramarine focuses on the development of hydraulic and electrical deck machinery equipment for ship owners, yards and operators. Its key products are large active heave compensated cranes to the offshore industry. It offers a complete range of high-end handling systems such as cranes, davits, winches and subsea load handling solutions. Its products are installed on various kinds of offshore supply vessels and rigs. Hydramarine has an assembly plant in Kristiansand, Norway but has outsourced the manufacturing of components.
"Hydramarine is an attractive extension to MacGREGOR's current offering and the business fits well with MacGREGOR's strategy to develop cargo handling solutions towards the offshore and marine industry. The acquisition widens our offering in the growing offshore vessel segment. The move towards deepwater in offshore is creating new opportunities for Hydramarine's technology. Furthermore, with MacGREGOR's knowhow and existing services network the service business of Hydramarine can be developed to the benefit of Hydramarine's customers," states MacGREGOR President Olli Isotalo.
Hydramarine was established in 1977 as a supplier of hydraulic components and systems. The company has since developed to become one of the world's leading suppliers of advanced load handling systems for marine, offshore and sub sea operations, and its operations are growing strongly. The company had net sales of MEUR 63 (MNOK 500) in 2006 and employs 150 people. Hydramarine AS is today owned by Vidar Robstad and Svein Erik Halvorsen through Hydramarine Holding AS.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Olli Isotalo, President, MacGREGOR, tel. +358 204 55 4253
Henrik Vildenfelt, SVP, Corporate Development, MacGREGOR, tel. +45 4032 0959
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281
Cargotec is the world's leading provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centers and local transportation. Cargotec Corporation's brands, Hiab, Kalmar and MacGREGOR, are market leaders in their fields and well-known among customers all over the world. Cargotec's net sales are EUR 2.6 billion. The company employs close to 9,000 people and operates in approximately 160 countries. Cargotec's class B shares are quoted on the Helsinki Stock Exchange.