MacGregor, part of Cargotec, and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent (LOI) on a strategic cooperation.
The LOI, which was signed on October 29, 2018 in Beijing, relates to MacGregor’s planned acquisition of the marine and offshore businesses of TTS Group and future cooperation potential between the two groups.
The cooperation would further strengthen MacGregor’s presence in Asia and specifically in China, the world’s biggest shipbuilding market.
The acquisition is subject to regulatory approvals in China, Germany and South Korea. The approvals are expected to be granted by the end of 2018.