Cargotec has entered an agreement with JCE Invest to form a dry bulk handling joint venture (JV), Bruks Siwertell Group.
The proposed JV will own Siwertell, which was a part of Kalmar Business Area within Cargotec, and Bruks Holding, which earlier belonged to JCE Group.
Cargotec will control 48% shares in Bruks Siwertell Group, while JCE Invest will own the remaining 52% stake.
Kalmar president Antti Kaunonen said: “This joint venture supports Cargotec’s strategy to focus on container ports, heavy industrial segment and logistics.
“Siwertell’s business is outside these core focus areas, with different customers, customer locations and limited synergies with the rest of our businesses.
“By joining forces with JCE Group, we are able to create a company that will be a significant player in the bulk material handling with a globally competitive and specialised product portfolio.”
Both Siwertell and Bruks currently complement each other in terms of product portfolio and market coverage.
With the new JV, both the companies are expected to improve their positions in the dry bulk handling industry and gain fresh growth opportunities in new markets and customer segments such as biomass, bioenergy and biofuels industries.
Bruks will also enable Siwertell to have access to its market in the US.
Siwertell currently provides ship, road-mobile and port-mobile unloaders, as well as ship loaders, mechanical and pneumatic conveying systems, and bulk terminal solutions.
Bruks is primarily involved in the supply of mechanical-engineering and equipment for the bulk materials handling industries.
The company offers specialised solutions, including the development of custom machines and systems.