The new company, TTS Bohai, is licensed to produce and sell TTS marine cranes.
The marine cranes division of TTS comprises three business units, employing approximately 175 people worldwide, and with facilities in Norway, Germany, Korea and China.
TTS cranes is the result of the merger of the two well-known Norwegian shipboard crane suppliers — TTS-Norlift AS, in Bergen and Hydralift-Marine AS, in Kristiansand — and the acquisition of the marine crane division from Lübecker Maschienenbau Gesellschaft GmbH.
After the first half of 2005, TTS Marine’s operating profit before depreciation totalled 38.7 million Norweigan kroner (€5m), compared with 15.3m Norweigan kroner (€2m) for the same period in 2004. Turnover increased by 37%.
