Norwegian-headquartered TTS Group ASA has entered into a sales agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange in Finland.
The agreement implies a takeover by MacGregor of all TTS’ assets except for TTS Group ASA and its Syncrolift business.
Both companies are global providers of handling solutions and access systems and services for the marine and offshore industries. TTS has approximately 930 employees, while MacGregor activities counts approximately 2,000 employees.
TTS, proposed to be renamed Nekkar, will build its future operation around Business Unit Shipyard Solutions with its Syncrolift brand, and additionally seek new investment opportunities.
The transaction is subject to approvals from relevant competition authorities.