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Trade Press Release

MacGREGOR expands into offshore by acquiring Norwegian company Hydramarine

07/03/2007

MacGREGOR joins forces with Baltic shiprepair specialist

A new venture in the Baltic with BLRT Grupp will strengthen MacGREGOR position in the ships cargo access equipment repair business in the Baltic countries and provide an opportunity for growthThe MacGREGOR Group part of Cargotec Corporation and the BLRT Grupp AS, based in Tallinn, have announced a new joint venture to service marine cargo access equipment in the Baltic area. The new company is called O MacGREGOR BLRT Baltic, and its formation is subject to competition authority approval.

MacGREGOR business concept behind the joint venture is to strengthen its cargo access equipment repair and spare parts services in the growing business area of the Baltic, said Olli Isotalo, president of the MacGREGOR Group. MacGREGOR has a good market share in the region, but the prospect for growth will now be substantially more given the opportunities available to us together with the BLRT Grupp.

Mr Isotalo added that: BLRT Grupp has shiprepair yards in Tallinn and Klaipeda, and this new venture is part of its wish to form long-term partnership commitments with various suppliers and build its own partner network.

O MacGREGOR BLRT Baltic will strengthen the delivery of MacGREGOR products and services in the growing markets of the Baltic, especially in the BLRT Grupp shiprepair yards in Tallinn (Tallinn Shipyard) and Klaipeda (Western Shipyard).

The joint venture under which MacGREGOR will hold a 51 per cent share will operate as one MacGREGOR branch in the Baltic countries of Estonia, Lithuania and Latvia. It would provide MacGREGOR equipment services and parts in the region with service offices located in Tallinn Shipyard and Western Shipyard in Klaipeda.

The new joint venture will start in Tallinn with MacGREGOR current personnel and will later expand to Klaipeda with local site office.

BLRT Grupp is one of the largest enterprises in Estonia, and also in the Eastern Baltic. Springing from shiprepair activities in Tallinn, it now focuses on shiprepair, shipbuilding, fabrication of steel structures, machine building, scrap metal processing etc. The group has shipyards in Tallinn and Klaipeda. The majority of its customers are in Norway, Finland, Sweden, Germany, Denmark, The Netherlands and the Eastern Baltic countries.

BLRT Grupp incorporates 61 companies and has been certified by Lloyd's Register Quality Assurance under international standard ISO 9001 and 14001.

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For further information please contact:
Kimmo Huhtala, Sales Manager, Baltic Countries, MacGREGOR (FIN) Oy
Tel: +358 2 4121 402 Fax: +358 2 4121 517
E-mail: kimmo.huhtala@macgregor-group.com

or

Alexander Zaporozhtsev, Chief Internal Auditor, BLRT Grupp AS
Tel: +372 6102 382

or

MacGREGOR Group press office:
Mr Steve Labdon, MacGREGOR Group Media Representative
Tel: +44 (0)20 8364 1441 Fax: +44 (0)20 8364 1331
E-mail: steve.labdon@j-l-a.com