Cargotec has signed an agreement with JCE Invest AB to establish a joint venture, Bruks Siwertell Group, specialised in dry bulk handling. The new joint venture will aquire Siwertell AB (previously part of Kalmar Business Area within Cargotec) and BRUKS Holding AB (previously part of JCE Group).
Both companies are leading suppliers of bulk materials handling solutions. Cargotec will own 48% of the shares in Bruks Siwertell Group, and JCE Invest AB will own 52%. The transaction has been signed and closed on 9 May 2018.
"This joint venture supports Cargotec's strategy to focus on container ports, heavy industrial segment, and logistics," says Antti Kaunonen, President of Kalmar. "Siwertell's business is outside these core focus areas, with different customers, customer locations, and limited synergies with the rest of our businesses. By joining forces with JCE Group, we are able to create a company that will be a significant player in the bulk material handling with a globally competitive and specialised product portfolio."
Siwertell is a world-leading supplier of ship unloaders, road-mobile unloaders, port-mobile unloaders, ship loaders, mechanical and pneumatic conveying systems, and bulk terminal solutions. Most equipment is customised according to individual bulk operating requirements, but the company also offers standardised products.
"This is a true partnership between two strong brands, Siwertell and BRUKS, as they complement each other very well both in terms of product portfolio and market coverag," said Per Karlsson, Managing Director, Siwertelle. "Siwertell will benefit from BRUKS's strong position in the US market whereas BRUKS will gain access to Siwertell's Asian network, knowledge and exposure. Together we will be a full line supplier for almost all types of bulk materials".
BRUKS is a global leader in mechanical-engineering and equipment supply for the bulk materials handling industries. The company provides specialised customer solutions, including the development of custom machines and systems. BRUKS product portfolio offers a wide variety of customised solutions for the bulk materials handling industry.
"Together BRUKS and Siwertell will have a strong position in the dry bulk handling industry and attractive growth opportunities in new markets and customer segments including biomass, bioenergy, and biofuels industries," said Peter Jonsson, Group CEO, BRUKS. "This cooperation will add customers, competence, additional knowledge, capabilities, and products to support the future growth of the new company".
Read the article online at: https://www.worldcement.com/special-reports/11052018/cargotec-to-establish-a-joint-dry-bulk-handling-venture-with-jce-invest-ab/