TTS - Purchase of heavy-lift crane company
TTS Group ASA has entered into an agreement to purchase Neuenfelder Maschinenfabrik GmbH (NMF), located in Hamburg, Germany. Closing is expected to be finalized in the first half of August 2012.
Expected turnover of NMF in 2012 is 660 MNOK (88 MEUR). The last 5 years NMF has delivered marine cranes for a value of approximately NOK 5.3 billion (700 MEUR). At end May 2012 the value of cranes to be delivered (order reserve) was 713 MNOK (95 MEUR).
NMF (established in 1970) supplies marine cranes and lifting equipment in the range from small bulker cranes to super heavy lift cranes (1 000 tons). The company is the market leader for heavy-lift cranes (more than 150 tons) with more than 60% market share. NMF is also supplier of offshore heavy-lift cranes for the windmill industry. NMF designs, develops and manufactures the cranes with a workforce of 130 employees in rented premises in Hamburg.
NMF will become part of TTS existing activities in Germany, where the existing turnover is in the range of 750 MNOK (100 MEUR). NMF's product range is complementary to TTS' existing range. The synergies between TTS and NMF are considerable, especially within sales and marketing, service and manufacturing.
The purchase of NMF further strengthens TTS Group's market position for marine and offshore cranes.