Update on the regulatory process: Closing of MacGregor's TTS acquisition postponed to Q3 2019
25/06/2019
CARGOTEC CORPORATION, PRESS RELEASE, 25 JUNE 2019 AT 1.30 PM EEST
Update on the regulatory process: Closing of MacGregor's TTS acquisition postponed to Q3 2019
MacGregor, part of Cargotec, announced on 8 February, 2018 that it has entered into an agreement to acquire the marine and offshore businesses of TTS Group ASA. The acquisition is subject to regulatory approvals from the competition authorities in Germany, South Korea and China. MacGregor announced the approval from the German regulator on 6 November 2018 and the approval from the South Korean regulator on 27 December 2018.
MacGregor announced in March that it expected to receive approval from the competition authority in China and close the transaction during Q2 2019. Due to a longer than expected regulatory process in China, the company currently expects closing of the transaction to take place in Q3 2019.
For more information please contact:
Pasi Lehtonen, Senior Vice President, Marketing, Business Development and Strategy, MacGregor
tel. +65 91737550, pasi.lehtonen@macgregor.com
Robin Thuillier, Communications Director, MacGregor
tel. +65 9730 4301, robin.thuillier@macgregor.com
MacGregor is a leader in intelligent maritime cargo and load handling with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes, Rapp and Triplex products, services and solutions, all designed to perform with the sea.
Shipbuilders, shipowners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor. www.macgregor.com
MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2018 totalled approximately EUR 3.3 billion and it employs around 12,000 people worldwide. www.cargotec.com