Palfinger to take second Norwegian supplier

The board of directors at Norwegian equipment supplier TTS Group, based in Bergen, is recommending shareholders to accept an offer by Palfinger Marine to take over the Group.

Subject to a positive outcome of due diligence and formal approvals the acquisition is expected to be completed in the fourth quarter of 2016 and by January 2017 at the latest.

If completed this would be the second major Norwegian company to be acquired by Palfinger this year, following its recent takeover of lifesaving equipment supplier Harding.

TTS chief executive Tovi Eidesvik said: "TTS had a clear ambition to grow through the development of a wider range of products and product packages for deck and cargo handling equipment to various vessel segments. Joining Palfinger Marine, and potentially also Harding, would give large synergies and create a solid platform for the planned growth."

Palfinger chief executive Herbert Ortner said: "Together with the acquisition of Harding, the acquisition would place Palfinger Marine among the global top three ship equipment suppliers."