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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transpacific Container Shippers Plan Price Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1222 sec (8 req/sec)