MacGregor, a unit of Finland-based cargo-handling machinery firm Cargotec, has wrapped up the previously announced takeover of marine and offshore businesses of TTS Group.

As part of the agreement first announced in February last year, MacGregor paid a total of €87m for the business.

The transaction was completed after securing all required approvals from the relevant countries and authorities.

The acquired business offers a range of cargo handling and offshore cranes, roll-on / roll-off access systems, hatch covers, winches and related services. It will now be integrated within MacGregor’s operating structure.

Cargotec believes that this acquisition will boost MacGregor’s position in China through strategic joint ventures with Chinese state-owned shipbuilders CSSC and CSIC.

MacGregor president Michel van Roozendaal had said: “This acquisition is an important step in executing MacGregor’s growth strategy and providing customer-focused solutions in both merchant shipping and offshore segments.

“The markets are consolidating and MacGregor wants to take an active part in this development. TTS complements MacGregor’s present offering and further strengthens our position.

“Combining the strengths of these two companies creates exciting opportunities for innovation and technology development during a time of industry transformation. With a large installed base on over 9,000 vessels, the TTS portfolio will position us even better for our service business growth.”

Through its business areas Kalmar, Hiab and MacGregor, Cargotec optimises global cargo flows and creates sustainable customer value in ports, at sea and on roads.

In May last year, Cargotec entered an agreement with JCE Invest to form a dry bulk handling joint venture (JV), Bruks Siwertell Group.