Cargotec

Cargotec

6 May 2014

NIB finances Cargotec’s acquisition of mooring and loading system unit

Loading of oil in the Barents Sea, Varandey Field. Photo: MacGregor

NIB has provided a EUR 50 million loan, with a tenor of eight years, to Cargotec Corporation in Finland to finance the acquisition of the mooring and loading system unit from the Norwegian firm Aker Solutions.

The acquisition reinforces the offshore equipment portfolio of Cargotec’s marine cargo and load handling brand MacGregor and strengthens its growth strategy. The acquisition of the mooring and loading systems unit enables MacGregor to access large and growing markets with active relationships across diverse customer groups. Synergy gains will be mainly realised from new sales and efficiency improvement in supply chain.

As the acquired unit has had a solid position in lifecycle services with a large installed base and service scope, it is expected that MacGregor’s after-sales service offerings will significantly increase due to the acquisition. Conversely, as the unit has not been a core function of Aker Solutions, Aker can now focus on its main business of deep-water and subsea oil service segments.

“The acquisition benefits both these NIB member country companies, as it is unlikely that such productivity growth would have been achievable under the previous corporate structures”, says Henrik Normann, the Bank’s President and CEO.

Cargotec is a leading provider of cargo handling solutions with operations in more than 100 countries. The company employs approximately 11,000 people worldwide. Cargotec’s brand MacGregor is one of the world’s largest producers off offshore cranes, steering gears and compressors.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Lars Synnes, Senior Manager Origination, at +358 10 618 0504,

Ms Niina Rantti, Communications Officer, at +358 10 618 0265,