Cargotec’s MacGregor concludes a settlement agreement on the TTS marine and offshore businesses purchase price
Further to completion of the acquisition of the marine and offshore businesses of TTS Group ASA (now Nekkar ASA) on 31 July 2019, Cargotec’s MacGregor business area has concluded a settlement agreement with Nekkar after challenging calculation of the purchase price.
The settlement agreement provides for a total payment of 94 MNOK (EUR 9.1 million) to be made by Nekkar to MacGregor in full and final settlement of the disputed purchase price. The payment is net of 8 MNOK (EUR 0.8 million) previously withheld by MacGregor related to the fulfilment of Nekkar tax obligations in China following completion of the acquisition.
The settlement amount will have an approximately EUR 7 million positive impact on MacGregor’s first quarter 2021 operating profit.
Cargotec enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,000 people.