Tts Group Asa News

Finnish cargo-handling machinery giant Cargotec announced that its unit MacGregor, which provides solutions and services for handling marine cargoes, has completed the acquisition of the marine and offshore businesses of TTS Group ASA."MacGregor business area has completed the acquisition of the marine and offshore businesses of TTS Group ASA. Cargotec announced in February 2018 an agreement to acquire the businesses for an enterprise value of approximately EUR 87 million," said a press statement from Cargotec.Completion of the acquisition follows receipt of required approvals from the relevant countries and authorities.The acquired businesses will be integrated within MacGregor's operating structure…

Marine and offshore equipment and services form MacGregor announced on Monday it 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, part of Cargotec, had previously announced approvals from German and South Korean authorities in November and December 2018 respectively…

Cargotec’s MacGregor has hit roadblock to complete the acquisition of TTS Group’s marine and offshore businesses, originally proposed in February 2018.The provider of solutions for handling marine cargoes informed that the closing of MacGregor's TTS acquisition has been postponed to Q3 2019.On 8 February, 2018 MacGregor entered into an agreement to acquire the marine and offshore businesses of TTS Group ASA, a global provider of handling solutions and access systems and services for the marine and offshore industries.The acquisition is subject to regulatory approvals from the competition authorities in Germany, South Korea and China.MacGregor…

MacGregor, part of Cargotec, announced on February 8, 2018 that it has entered into an agreement to acquire the marine and offshore businesses of TTS Group ASA.The acquisition is subject to regulatory approvals from the competition authorities in Germany, South Korea and China. MacGregor announced the approval from the German regulator on November 6, 2018 and the approval from the South Korean regulator on 27 December 2018.MacGregor announced in December that it expected to receive approval from the competition authority in China and close the transaction during Q1 2019. Due to a longer than expected regulatory process in China, the company currently expects closing of the transaction to take place in Q2 2019.

Norway-based TTS Group ASA, a global provider of handling solutions and access systems and services for the marine and offshore industries, has been awarded a contract for sideloading systems for Norway-based expedition cruise operator Hurtigruten.TTS Group has also won a contract for ships equipment to another buyer. Total value of the orders is approximately NOK 38 mln (USD 4.5mln).Hurtigruten, the world’s largest and most sustainable expedition cruise line, is expected to install the advanced TTS sideloading systems on six different ships during 2019-2021.Building on 125 years of Norwegian pioneering heritage, Hurtigruten is today the world's largest expedition cruise company.Few days ago, TTS Group awarded a new contract with Cosco (Dalian) Shipyard Co., Ltd in China.

MacGregor, part of Cargotec, received a clearance decision from the South Korean Fair Trade Commission on the company's acquisition of the marine and offshore businesses of TTS Group ASA, which was announced on 8 February, 2018.MacGregor announced the approval from the German regulator on November 6, 2018 but is still waiting for the approval from the competition authority in China. As communicated on December 20, 2018, MacGregor expects to close the transaction in Q1 2019.

MacGregor, a part of Cargotec, has yesterday received a clearance decision from the German Federal Cartel Office (Bundeskartellamt) for the company's acquisition of the marine and offshore businesses of TTS Group ASA, which was announced on 8 February, 2018.  The completion of the intended transaction is still subject to regulatory approvals in China and South Korea. MacGregor expects to receive these approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.

MacGregor, part of Cargotec, has entered into an agreement to acquire the marine and offshore businesses from TTS Group, a global provider of cargo handling equipment and services for merchant and offshore ships for an enterprise value of EUR 87 million ($106 mln). The combination of the two businesses will produce greater scale and diversification and will strengthen MacGregor's portfolio and market position in key markets for cargo and load handling equipment. Based on preliminary estimates, potential cost synergies are estimated to be around EUR 30-35 million on annual level and are expected to be reached within three years from closing.

TTS Group ASA said it has secured a new contract for delivering a 10,000-ton ship lift to Casablanca Port in Morocco with an order value of approx. MNOK 135.    The contract is with Civils Contractor Somagec for its Casablanca Port development project.      TTS’s delivery includes design and key component package for a ship lift and transfer system, with completion slated for the first quarter of 2018.

The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 percent of the TTS shares. Apart from the necessary anti-trust approvals, the offer is also subject to the condition that at least 90 per cent of all the shares in TTS be offered to the PALFINGER Group (with PALFINGER having already secured acceptance of a total of approx. 66.3 per cent). The initial deadline for acceptance of the offer is 12 August 2016. The Board of Directors of TTS recommends that its shareholders accept PALFINGER’s offer.

TTS Group ASA has through its subsidiary TTS Marine AB in Gothenburg, Sweden entered into a new contract for delivery of cargo access equipment to two pure car/truck carriers (PCTC). The total order value for the two ship-sets is approx. NOK 40 million (approx. USD 4.9 million).   The PCTCs are on order at Hyundai Samho Heavy Industries in South Korea. The TTS deliveries will be completed during 2016.

Through its subsidiary TTS Handling Systems AS, TTS Group ASA has signed an agreement with Rolls-Royce Marine North America Inc. for purchase of Syncrolift assets. The asset deal gives TTS Handling Systems AS an exclusive and unlimited right to conduct future business based on Syncrolift products and relevant intellectual properties and includes takeover of drawings of 250 shiplifts, patents and brand (Syncrolift). TTS successfully launched a strategic market initiative towards the shiplift market a few years ago, and has won the last seven contracts for shiplift newbuilds in the international market. Through the purchase of Syncrolift assets…