Cargotec to Acquire Ship Hydraulics Service Company Grampian Hydraulics
8/11/2006 3:34 PM|
Stock Exchange Release, August 11, 2006 at 3.45 p.m. Finnish time
Cargotec's MacGREGOR business area providing marine cargo handling solutions has today signed an agreement to acquire the business of Scottish Grampian Hydraulics. The parties have agreed not to disclose the transaction value.
Grampian Hydraulics is specialized in hydraulics and spare part service of offshore support vessels in the North Sea. Grampian Hydraulics based in Aberdeen, Scotland, is a family owned company employing some 30 people. Year 2006 net sales are estimated to total approximately EUR 4 million. The company will be included into MacGREGOR's reporting from August 14, 2006 onwards.
"Grampian Hydraulics gives us a strong base to expand our offering into North Sea offshore support vessels to current and new customers through our service network. The high oil price has increased offshore activity and demand for support vessel services," states Kent Glasberg, General Manager for MacGREGOR's Service Division.
For several years, MacGREGOR has made determined investments to develop its service business. MacGREGOR's service network consists of more than 50 service stations around the world. In 2005, service business represented 32 percent of MacGREGOR's sales revenue.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Steve Goodchild, General Manager, MacGREGOR (GBR) Ltd., tel. +44 191 295 2168
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 40 727 6766
Cargotec Corporation is the world's leading provider of cargo handling solutions, which are used in local transportation, terminals, ports, distribution centers, and ships. Cargotec's operations are divided into three strong, global business areas: Hiab, Kalmar, and MacGREGOR, each of which is the market leader in its own segment. In 2005 Cargotec's net sales exceeded EUR 2.3 billion. The company employs some 8,000 people and has activities in more than 160 countries. Cargotec's class B shares are listed on the Helsinki Stock Exchange.