Bühler GmbHMultimodal 2022Van AalstPort of StocktonThe Wolfson Centre for Bulk Solids Handling Technology Cleveland Cascades Ltd
  • Vigan
  • Van Aalst
  • Telestack
  • Cimbria
  • Cleveland Cascades Ltd
  • Port of South Louisiana

MacGregor receives TTS acquisition clearance

(Posted on 21/07/19)

Cargotec’s MacGregor has received clearance from the Chinese competition regulator for the acquisition of the marine and offshore businesses of TTS Group

MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the company’s acquisition of the marine and offshore businesses of TTS Group ASA. Based on revised estimates, potential cost synergies are estimated to be around EUR 25-30 million on annual level.

MacGregor now has all the regulatory approvals needed to be able to complete the transaction, which was announced on 8 February 2018. Closing of the transaction is expected to take place 31 July 2019. MacGregor previously announced approval from the German regulator on 6 November 2018, and approval from the South Korean authority on 27 December 2018.

The Chinese competition authority approval includes temporary requirements relating to the terms and conditions of certain new equipment business undertaken in China, and the need to hold certain new equipment businesses separately for a period of two years.

Based on revised estimates, potential cost synergies are estimated to be around EUR 25-30 million on annual level and are expected to be reached within 3 years from closing. In the stock exchange release on 8 February 2018, the potential cost synergies were estimated to be around EUR 30-35 million on annual level and were expected to be reached within 3 years from closing. The revised cost synergy estimate is lower than the earlier estimate, as the closing was delayed from the original target and both parties have already executed some of the cost savings.

Cargotec reiterates its outlook published on 8 February 2019 and expects its comparable operating profit for 2019 to improve from 2018 (EUR 242.1 million).

Latest News

Pacific Basin and Nihon Shipyard sign zero-emission vessels MoU

(Posted on 18/05/22)

Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has signed... Read more


ioCurrents and Rose Point partnership benefits US Maritime Industry

(Posted on 18/05/22)

Data analytics specialist ioCurrents and Rose Point, a leading provider of navigation solutions for... Read more


DESMI Nigeria is established

(Posted on 16/05/22)

One of Denmark’s oldest companies has sold its solutions to Nigeria for more than 20 years &ndash... Read more


Beumer acquires FAM to strengthen in conveying and loading technology

(Posted on 12/05/22)

The BEUMER Group, Beckum, Germany a leading international manufacturer of intralogistics systems in... Read more


Cimbria launches its most advanced optical sorter ever

(Posted on 05/05/22)

Cimbria is presenting a new series of machines using a combined multispectral vision system, allowing... Read more


Enhanced Fleet Xpress brings together best of Inmarsat connectivity

(Posted on 05/05/22)

Shipping companies can harness the full power of a digitally connected maritime ecosystem to support... Read more


Board change as interim report highlights improved Cargotec profitability

(Posted on 27/04/22)

Cargotec Corporation’s Board of Directors elected by the Annual General Meeting has announced... Read more


Siwertell ship unloader to meet Quezon’s demands

(Posted on 20/04/22)

Bruks Siwertell has commissioned a new Siwertell ST 790 D-type ship unloader to serve Quezon Power Ltd... Read more


ABB to power world’s first hybrid-electric biomass fuel carriers

(Posted on 20/04/22)

The Japanese Shipowners’ Association has announced that the Japanese shipping industry will take... Read more


Superior again builds world’s largest telescopic stacking conveyor

(Posted on 14/04/22)

Superior Industries, Inc., a US-based manufacturer and global supplier of bulk material processing and... Read more


ViganTBA GroupSailors SocietyTOC EventsPort of South LouisianaCimbria
  • Port of Stockton
  • Multimodal 2022
  • TBA Group
  • Sailors Society

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping