TO Bull takeover by Nordic Crane Group
10 March 2011
Nordic Crane Group AS, in Sweden, has acquired Norway-based TO Bull AS's mobile crane and transport business.
TO Bull was the biggest mobile crane provider in the Oslo area before the takeover on 1 January 2011, according to Nordic Crane.
The crane and transport company includes 190 employees and 160 mobile cranes, loader cranes and tractor units. All existing work obligations of TO Bull will be continue.
The takeover does not include the concrete pumps segment of TO Bull, which will continue to be run by Tom Ola Bull through newly formed TO Bull Betongpumping AS.
Sweden-based Nordic Crane Group is the biggest mobile cranes and specialized transport services company in Scandinavia, says the group. It operates between Malmø in the south of the country to Hammerfest in the north.
Following the takeover Nordic's number of skilled employees stands at 700, while turnover is set to exceed NOK 1 billion (US$177 million) in 2011, adds the company.
"The acquisition will enable Nordic Crane Group AS to undertake large lifting and transport contracts in Scandinavia in competition with big foreign companies," said Trond Helge Skretting, managing director, Nordic Crane Group.
The company is owned by the Kynningsrud and Stangeland families through the companies Kynningsrud Holding AS and TS Eiendom AS.
