MacGregor

Cargotec stock exchange release 14 November 2024: Cargotec sells MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million to support Hiab’s future growth

MacGregor's solutions make the sea more accessible, safe and reliable. MacGregor creates value for shipbuilders, owners and operators in the marine and offshore industries. Understanding the customer business and way of life is key to MacGregor, addressing their needs with tailored solutions for load handling, cargo handling, mooring or essential auxiliary equipment.

MacGregor is a family of innovators. By engineering solutions that make the sea more accessible, safe and reliable, MacGregor supports those whose livelihood depends on the changing conditions of the sea. To enable that, MacGregor has a variety of strong product brands and committed experts with a passion for solving challenges – and the power of the sea is sure to provide those.

The founders of MacGregor braved new frontiers in different times and places. Those origins merge at today’s MacGregor, inspiring it to continue the stories and create new ones. 

MacGregor is a global team of professionals, creating value for shipbuilders, owners and operators in the offshore and marine industries. Understanding customers' business and way of life is key to all work at MacGregor. It is the foundation to addressing customer needs with tailored solutions for load handling, cargo handling, mooring or essential auxiliary equipment. Productivity, sustainability and equipment lifetime benefit from the combination of MacGregor's expertise and technology.

In 2022, Cargotec’s Board of Directors decided that MacGregor would no longer be part of Cargotec’s portfolio. Cargotec is looking for a solution for MacGregor in 2024.

MacGregor's history

During the 1920s, engineer brothers Robert and Joseph MacGregor developed the first steel hatch cover. Deceptively simple, the design consisted of five articulated leaves that stowed neatly at the end of each hatch. Patented in 1929, this ground-breaking concept improved ship and cargo safety and changed the face of cargo care for ever.

In 1937, to promote and sell these steel hatch covers, Robert and Joseph formed MacGregor & Company in Whitley Bay on the north-east coast of England. This was the actual beginning of the MacGregor story.

Going further, the marine cargo business of the company in a broader meaning started in 1983 when MacGregor merged with the Finnish Navire. The new company was named MacGregor-Navire and was owned by KONE.

In 1992, the company acquired the world’s leading container lashing manufacturer, Conver-OSR and its product portfolio.

A year later, Incentive acquired MacGregor-Navire and merged it with Hägglunds Marine - the Swedish crane specialist. In 1998, the majority of MacGregor was sold to Industri Kapital.

In 2005, Cargotec bought MacGregor International AB, the global marine cargo flow solutions provider, to strengthen the company’s cargo handling offering. Also in 2005, MacGregor’s lashing design knowledge was further strengthened with the acquisition of the Swedish company Allset Marine Lashing.

In 2007 MacGregor expanded into new segments through acquisitions like the Norwegian company Hydramarine, which specialises in offshore and subsea load handling systems, and Plimsoll Corporation Pte Ltd. Plimsoll, based in Singapore, offers deck machinery for offshore oil and gas operators as well as for the marine industry in the Asia-Pacific region.

The Asian market has grown in importance for MacGregor business. MacGregor’s presence in Asia is continuously enhanced with actions such as the new offshore equipment factory for MacGregor equipment in Tianjin, China, which was opened in 2008, and the establishing of a new joint venture company in China with Jiangsu Rainbow Heavy Industries (RHI), Rainbow-Cargotec Industries Co Ltd (RCI) in 2012.

In 2013, MacGregor made two strategic acquisitions. In October, MacGregor acquired Hatlapa to strengthen its position in the merchant ship segment with a product portfolio including a wide range of deck machinery. Included in the Hatlapa acquisition, Triplex branded equipment became part of MacGregor’s offering. The acquisition of the mooring and loading systems unit from Aker Solutions widened MacGregor’s offshore offering to Pusnes mooring equipment and loading and offloading systems, Porsgrunn deck machinery for the global offshore and shipping markets, as well as Woodfield branded marine loading arms for onshore loading customers. The acquisition was completed in January 2014. Hatlapa brand will celebrate its 100th anniversary in 2019.

In 2016, Cargotec acquired software company Interschalt, and their service business was integrated to MacGregor. MacGregor acquired the majority shares of Flintstone Technology Ltd. to further strenghten its advanced technology offering in offshore solutions.

In 2017, MacGregor divested Woodfield Systems Ltd, and it signed an agreement to acquire Rapp Marine Group to strengthen its offering for the fishery and research vessel segment. The Rapp Marine acquisition was completed in early 2018.

In 2018, Cargotec announced an agreement to acquire the marine and offshore businesses of TTS Group ASA. MacGregor completed the acquisition in July 2019. The combination of two highly complementary businesses will produce greater scale and diversification and will strengthen MacGregor's portfolio and market position in key markets for cargo and load handling equipment.

In 2022, Cargotec refocused its strategy in 2022 for higher financial performance through sustainability and growth in profitable core businesses Hiab and Kalmar. According to the strategy, MacGregor will not be part of Cargotec’s portfolio in the future. On 14 November 2024, Cargotec announced that it sells MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million. Read the release.