Aker Solutions today agreed to sell its mooring and loading systems business to Cargotec for an enterprise value of NOK 1.4 billion, or about EUR 180 million.
The unit, known for the Pusnes brand name, provides mooring equipment, loading and offloading systems, as well as deck machinery for the global offshore and shipping markets. Aker Solutions will book a gain of about NOK 1 billion from the sale.
“The proceeds will be used to develop Aker Solutions’ main business in the deepwater and subsea oil-services segments,” says Øyvind Eriksen, executive chairman of Aker Solutions. “While the mooring and loading systems unit for many years has generated healthy returns and enjoys a strong market position, it has limited synergies with the rest of the company.”
The division employs about 370 people in Europe, Asia and the Americas and has its main office in Arendal, Norway. It generated revenue of NOK 1.1 billion and earnings before interest, tax depreciation and amortisation of NOK 158 million in 2012.
Leif Haukom, who heads the business area at Aker Solutions, will continue to lead the unit after the transaction.
“The Pusnes brand has a strong position in large and growing markets with active relationships across diverse customer groups. It has a solid position in lifecycle services with a large installed base and service scope. The unit’s flexible business model focuses on high-value activities and engineering competence with a dedicated management team. All this fits perfectly with MacGregor’s operating model and makes us an even stronger team than before,” states Eric Nielsen, President, MacGregor.
“We have highly complementary offerings with leading positions in broad range of market segments. The transaction creates exciting opportunities to further develop our activities, and it also offers new possibilities to our employees within MacGregor,” says Leif Haukom, who leads Aker Solutions’ mooring and loading systems business.
“With the previously announced acquisition of Hatlapa, MacGregor is now well on its way in executing its growth strategy having concluded two key cornerstone actions. Management will now prioritise the integration of both the Pusnes unit and Hatlapa into MacGregor where significant synergies are expected to be realised. Within Cargotec we will focus on strengthening our balance sheet and bring gearing back to below our 50 percent target,” says Mika Vehviläinen, President and CEO of Cargotec.
The acquisition is subject to regulatory approvals from competition authorities and it is expected to be completed in the first quarter of 2014.
The transaction, structured as a share sale, is set to be completed in the first quarter of 2014, pending approval from competition authorities.
October 30, 2013