Kone Cargotec buys MacGregor

The cargo and material handling business of Kone Corporation in Finland, Kone Cargotec, has acquired MacGregor International AB for €186 million (US $222 million). MacGregor, which is being bought from Swedish parent company Industri Kapital and Gambro AB, specialises in manufacturing marine cargo flow equipment.

Products include cranes, RoRo (Roll-on Roll-off) equipment and cargo securing apparatus. The two companies already work together to manufacture marine elevators and escalators. MacGregor employs 935 people and 2004 net sales are expected to be €370 million ($ 490 million). Kone Cargotec president Carl-Gustaf Bergström expects the addition of MacGregor to take Kone Cargotec profits above €2 billion ($ 2.6 billion) in 2005.