TTS Group ASA has completed the acquisition of Neuenfelder Maschinenfabrik GmbH (NMF) at a price of MNOK135 (17.5 MEUR).
NMF supplies heavy lift cranes and has 130 employees located in Hamburg, Germany. The product range of NMF will complement and strengthen TTS’s market position for marine and offshore cranes.
The expected turnover for NMF in 2012 is around MNOK 660 (88 MEUR). At the end of May 2012 NMF had an order reserve of MNOK 713 (95 MEUR).
NMF (est. 1970) designs, develops and assembly cranes for the marine sector. It is the marked leader for heavy lift cranes (above 150 tons) with more than 60% market share. In addition, NMF also supplies heavy-lift cranes for the offshore windmill industries.
NMF will be a part of TTS activity in Germany, where TTS has a turnover of around MNOK 750 (100 MEUR). The synergy between TTS and NMF will be significant, particularly in sales and marketing, services and assembly.
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Offshore WIND staff, August 21, 2012; Image: nmf