Cargotec to divest offshore handling business

By Murray Pollok14 November 2022

Cargotec said it will divest its offshore lifting and handling equipment business MacGregor but will not start the sales process now.

The company said there was considerable market interest in MacGregor but the timing was not right for an immediate sale because of financial market uncertainty and because the “turnaround” of MacGregor was still in an early phase.

MacGregor offshore load handling equipment from Cargotec A MacGregor offshore load handling crane

The decision follows a strategic review of MacGregor started in March 2022. Cargotec said, “MacGregor will not be part of Cargotec’s portfolio in the future. Cargotec will focus on profitable growth of its core businesses, Hiab and Kalmar”.

It added, “[The board] continues to evaluate the timing of the divestment. In the meanwhile, MacGregor will focus on improving the profitability of the business and has started a restructuring programme in its offshore business.”

Cargotec said it expected MacGregor sales and profit to improve in 2023 compared to 2022. Its sales in the first nine months of 2022 were €403 million and operating profit was €5 million. 

MacGregor manufactures offshore cranes and other cargo  handling equipment. It is active in oil and gas, offshore renewables and shipping markets.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Long Reads
Edwards Moving & Rigging completes complex heavy haul project
Edwards Moving performed the turn-key delivery of six press components in Kentucky.
What were the industry highlights of 2022?
SC&RA reflects on the major milestones of the last year in crane, rigging and transportation sectors. 
SC&RA discusses likely trends in 2023
Digitization will only continue its progression across multiple fields within construction. 
CONNECT WITH THE TEAM
Alex Dahm Editor, International Cranes and Specialized Transport Tel: +44(0) 1892 786 206 E-mail: alex.dahm@khl.com
Mike Posener Sales Manager Tel: +353 860 431 219 E-mail: mike.posener@khl.com
CONNECT WITH SOCIAL MEDIA