TTS enters an agreement with Rolls-Royce Marine North America to acquire Syncrolift™ assets
TTS Handling Systems AS, Norway (TTS) has entered an agreement with Rolls-Royce Marine North America Inc. to acquire Syncrolift™ assets. The deal implies a broadening of TTS’ offerings to the market for shiplifts and transfer system solutions as well as opportunities for increased shiplift re-build & service revenue related to the significant number of installed Syncrolift shiplifts worldwide, the company said in its press release.
Syncrolift™ is the inventor of shiplifts and has supplied more than 90% of all shiplifts worldwide. The Syncrolift™ shiplift makes the TTS offering more complete and fits perfectly with TTS’ commitment to offer a wide variety of shiplifts and transfer system solutions covering both land- and seaside requirements. TTS successfully launched a strategic market initiative a few years ago, and has won the last seven contracts for shiplifts worldwide.
The asset deal gives TTS Handling Systems AS an exclusive and unlimited right to conduct future business based on Syncrolift™ products and relevant intellectual properties and includes takeover of drawings of 250 shiplifts, patents and brand (Syncrolift™).
Following closing of the asset deal, TTS Handling Systems AS will change its name to TTS Syncrolift AS. The asset takeover implies further build-up of TTS’ shiplift operations in Droebak, Norway.
The parties have agreed on a price in the range of $1 million to $3 million based on actual Syncrolift turnover in a specified period. Partial payments are due in March 2016, 2017 and 2018. The transaction is subject to customary closing conditions and closing is expected within 45 days. The agreement includes a non-compete clause under which Rolls-Royce Group plc agrees not to enter into or establish similar business in competition with TTS’ shiplift operations for a given period.
TTS Group ASA is an acknowledged provider of cargo handling solutions and access systems to the international marine and offshore industries. TTS is one of the top three largest suppliers in its specialized market segments.
The group’s activities primarily involve the design, assembly and testing of equipment while, apart from manufacture of certain key components, production is undertaken by a global network of subcontractors.
TTS has a worldwide network of branch offices, service stations and agents. It provides after sales services covering the major shipping regions of the world.