MacGregor to acquire Aker Solutions
By Laura Hatton13 December 2013
MacGregor, part of Cargotec, has agreed to purchase Aker Solutions' mooring and loading systems unit for an enterprise value of approximately €180 million (US$247 million).
Known by its Pusnes brand name, Aker Solutions' mooring and loading systems unit provides loading and offloading systems and deck machinery for shipping markets. It is headquartered in Arendal, Norway.
Eric Nielsen, MacGregor president, said, “The Pusnes brand has a strong position in large and growing markets with relationships across diverse customer groups. It has a solid position in lifecycle services with a large installed base and service scope.”
Leif Haukom, who leads Aker Solutions' mooring and loading systems business, said, “The transaction creates exciting opportunities to further develop our activities, and it also offers new possibilities to our employees within MacGregor.”
Mika Vehviläinen, Cargotec president and CEO, said, “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.”
The acquisition is subject to regulatory approvals from competition authorities and it is expected to be completed in the first quarter of 2014, a company spokesperson added.