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Austria’s Palfinger Marine to Acquire Norway’s TTS Group for $73M

Austria’s Palfinger Marine to Acquire Norway’s TTS Group for $73M

Finland-based Konecranes Plc (NASDAQ Helsinki: KCR1V), a world-leading group of lifting businesses, agreed to acquire from Connecticut-based Terex Corp. (NYSE: TEX) its Material Handling and Port Solutions segment, for $1.3 billion. “Together with the acquisition of Harding, this acquisition would place Palfinger Marine among the global top three ship equipment suppliers,” said Herbert Ortner, CEO of Palfinger AG. “In the future, we want to be a one-stop shop, internationally offering all maritime customer industries competitive products and services. With a staff of approximately 3,000 employees in 22 countries and revenue of more than EUR 600 million, Palfinger Marine would contribute around one-third to the revenue of the Palfinger Group from 2017 onwards, hence becoming the Palfinger Group’s strong second mainstay.” “TTS has clear ambition to grow through the development of a wider range of products and product packages within the deck- and cargo handling equipment to the various vessel segments. Joining Palfinger Marine, and potentially also Harding, will give large synergies and create a solid platform for the planned growth,” said Toril Eidesvik, CEO of TTS Group. Pareto Securities AS are acting as financial advisors to TTS Group, and Wikborg Rein & Co Advokatfirma DA is acting as its legal advisor. Norne Securities AS and InFima AS are acting as financial advisors to Palfinger Marine, and Advokatfirmaet Selmer DA is acting as its legal advisor. TTS Group  ASA, formerly TTS Marine ASA, is a leading supplier of marine cranes and offshore cranes featuring AHC (active heave compensation) technology. TTS was established in 1966 and has been listed on the Oslo Stock Exchange since 1995. The company has grown through strategic M&A activities since 1996, and has established a leading position in the market segments for marine handling equipment. TTS is one of the top three largest suppliers worldwide in its specialized market segments. The TTS Group, headquartered in Bergen, Norway, has global operations with a focus on the design, development and supply of equipment solutions and services for the marine and offshore oil and gas industries. TTS has a strong foothold in China, through the establishment of three 50% owned companies since 2001. China’s shipyard industry accounts for 40% of global shipbuilding operations. TTS has global operations and subsidiaries in Europe, North and South America, the Middle East and Asia. Palfinger started its marine operations in 2010 with the acquisition of Ned Deck Systems and has continuously expanded them in subsequent years through additional acquisitions such as DREGGEN or Norwegian Deck Machinery. In 2015, Palfinger Marine recorded revenue of approx. EUR 170 million. For many years Palfinger has been one of the world’s leading manufacturers of innovative lifting solutions for use on commercial vehicles and in the maritime field. Palfinger is a multinational company headquartered in Salzburg, Austria, and has nearly 9000 employees. The company generated sales of EUR 1.2 billion in 2015. Palfinger has production and assembly facilities in Europe, North and South America, and Asia. The company is regarded as the global technology and market leader in the hydraulic loader cranes industry sector. Palfinger is in close proximity to its customers through over 5,000 sales and services centers in over 130 countries.]]>