TTS Acquires Umoe Schat-Harding

Wednesday, August 16, 2006
TTS Marine ASA has entered into a letter of intent with Umoe Industri regarding the takeover of Umoe Schat-Harding, which supplies lifeboats and other life-saving equipment to the shipping and offshore markets. The agreed purchase price is around $54.4m. Lifeboats and security equipment will by takeover of Umoe Schat-Harding be established as a new division in TTS, headed by the present managing director, Ove Røsseland.

Umoe Industri`s basis for this transaction is to contribute to the development of TTS Group as an active and long-term shareholder. To facilitate active ownership, Umoe Industri AS will contemplate further acquisition of shares both before and after the execution of the agreement. Umoe Industri AS has for the time being no intention to get into a compulsory share offer position in the company. The new TTS Group will comprise five divisions: Dry Cargo Handling, Marine Cranes, Port and Material Handling and Deck Machinery in addition to the new division life boats and life-saving systems. The takeover will imply that TTS increases from 17 operating units in nine countries to a Group of 25 units in 12 countries. The new locations will be Singapore, The Netherlands and England. Also a global network of sales- and service representatives will be included into the TTS Group.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

On USCG Anniversary, Gov. McAuliffe Urges Hurricane Preparedness

Gov. Terry McAuliffe encouraged Virginians to get ready for hurricane season and provided an update on the commonwealth’s preparations Friday at a press conference

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

WKCTC to Host Open House for ILM Institute

West Kentucky Community and Technical College will host an open house and ribbon cutting for the Inland Logistics and Marine Institute August 10 from 4 ­– 6 p.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1904 sec (5 req/sec)