Cargotec to acquire Aker Solutions' mooring and loading systems unit to grow MacGregor offshore business

Cargotec's MacGregor has entered into an agreement to acquire Aker Solutions' mooring and loading systems unit for an enterprise value of  approximately EUR 180 million.

The unit, known by the Pusnes brand name, provides mooring equipment, loading and offloading systems as well as a wide range of deck machinery for the global offshore and shipping markets. This acquisition is highly complementary with MacGregor's existing offshore offering, including the earlier announced acquisition of Hatlapa, and positions MacGregor as a leading player in the offshore equipment market.
 
The Pusnes business was founded in 1875, and is headquartered in Arendal, Norway. In 2012, the unit had sales of approximately EUR 130 million and EBITDA of EUR 20 million. The unit employs about 370 people with main facilities in Norway, UK and Korea.
 
"The Pusnes brand has a strong position in large and growing markets with active relationships across diverse customer groups. It has a solid position in lifecycle services with a large installed base and service scope. The unit's flexible business model focuses on high-value activities and engineering competence with a dedicated management team. All this fits perfectly with MacGregor's operating model and makes us an even stronger team than before," states Eric Nielsen, President, MacGregor.
 
"We have highly complementary offerings with leading positions in broad range of market segments. The transaction creates exciting opportunities to further develop our activities, and it also offers new possibilities to our employees within MacGregor," says Leif Haukom, who leads Aker Solutions' mooring and loading systems business.
 
"With the previously announced acquisition of Hatlapa, MacGregor is now well on its way in executing its growth strategy having concluded two key cornerstone actions. Management will now prioritise the integration of both  the Pusnes unit and Hatlapa into MacGregor where significant synergies are expected to be realised. Within Cargotec we will focus on strengthening our balance sheet and bring gearing back to below our 50 percent target," says Mika Vehviläinen, President and CEO of Cargotec.
 
The acquisition is subject to regulatory approvals from competition authorities and it is expected to be completed in the first quarter of 2014.

Associated companies:


Related news

Latest news

New contract: Windcat 41 - no 17 in the Servogear series

Servogear announces the signing of a new contract with Windcat Workboats BV for the delivery of Servogear Controllable Pitch Propellers (CPP)  for their new vessel Windcat 41. 

Seacat Enterprise to be launched January 12th

Seacat Services, is preparing to launch its first High Speed Utility Vessel (HSUV), Seacat Enterprise at January 12th.

Norsafe Signs Contract with the Swedish Coast Guard (KBV)

On Wednesday 21st December, Norsafe signed yet another new contract with the Swedish Coast Guard (KBV) to deliver nine new Magnum 750 MKII boats.

A Unique Second-generation Tomograph is Developed

A new gamma-ray tomograph designed to image up to 4” diameter pipes, is developed by CMR Prototech for the Saskatchewan Research Council (SRC) in Canada.

Sohome launches a new website

Sohome has launched a new website that makes it easier to find key information. 

Sohome AS receives orders for Johan Sverdrup Project

Sohome AS is proud to be a sub-contractor to Intelecom AS for the Johan Sverdrup Project. 

New 55'' Ultra High Definition Chart and Planning table passes Type Approval testing

Most advanced maritime display system ever produced, the 55'' Ultra High Definition Chart & Planning table, enables Integrated Bridge System manufacturers to develop new multi-data solutions.

Norsafe's experience in the Polar Code Pays Off

In readiness for the introduction of the Polar code, Norsafe has become the first LSA supplier to have executed full scale tests and trials 

Øglænd System Group winner of Business of the Year Award

Øglænd System Group won the Business of the Year Award in the Stavanger-region 2016.