Cargotec deals progress8 November 2018
Cargotec has completed Hiab’s acquisition of Effer, and won German competition approval for its subsidiary MacGregor’s acquisition of the marine and offshore businesses of TTS.
The Hiab/Effer deal was signed this summer. The companies have now announced the deal’s completion. Hiab said that the addition of Effer will mean a further strengthening of Hiab's development and innovation competence, an enhanced total cranes portfolio, increased coverage from widely complementary sales and distribution networks, and leverage in Hiab's service competence. These combined assets shall, Hiab says, translate to continued brand and business growth and further improved experience for both brands’ customers.
Effer will continue to operate under its recognised brand and identity, and through its established dealer and distribution partner network. Effer will be part of Hiab's global cranes organisation, with Lorenzo Cipriani continuing as managing director Effer, reporting to Joakim Andersson, senior vice president cranes, Hiab.
"I am incredibly proud today to welcome Effer and its employees as part of the Hiab family. Bringing our two proud histories, strong brands and unique competence together will make Hiab and Effer stronger and able to even better serve our customers,” said Joakim Andersson. Scott Phillips, new president of Hiab, added: "It is in both of our companies' DNA to innovate and now to truly lead this industry. I have no doubt, that combining our strengths will soon create tangible value to customers, partners, our people and combined business."
Andersson said: "With Effer becoming part of Hiab, two organizations with strong cultures and committed employees come together. We will make sure to nurture our unique strengths, the combined talent and unlock our growth potential.”
Lorenzo Cipriani, managing director at Effer, said: “We are really proud to be part of Hiab. This represents a great opportunity for Effer to bring our passion, professionalism, and our solutions to truly global scale and success.”
The MacGregor/TTS deal recently received the OK from German competition regulators. MacGregor says it received a clearance decision from the German Federal Cartel Office (Bundeskartellamt) for the company's acquisition of the marine and offshore businesses of TTS Group ASA, which was announced on 8 February, 2018.
The completion of the intended transaction is still subject to regulatory approvals in China and South Korea. MacGregor expects to receive these approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.