In a continued policy of acquisition of companies to complement its current port folio, Norway’s TTS Marine ASA, Bergen, has signed a final sale and purchase agreement to acquire Germany’s Kocks GmbH, Bremen effective from October 1st.
The company will be renamed TTS Kocks GmbH.
Kocks GmbH has a product range of deck machinery, deck machinery controls, and electric and hydraulic systems for use with deck machinery. Johannes D Neteland, TTS Marine’s CEO, says “With TTS Ships Equipment GmbH, Bremen, TTS-LMG Marine Cranes GmbH, Lübeck, and TTS Kocks GmbH, TTS will be a leading supplier of ships equipment to Germany’s shipowning and shipyard markets. TTS will be able to achieve considerable synergy regarding operations and markets, especially in China, where Kocks GmbH is not presented today”.
Kocks GmbH currently has 34 employees, with expertise within engineering, service and sales. The company’s product range is complementary to the current TTS port folio, and the company has considerable experience in the German shipowning market, where the majority of newbuilding orders go to Korean as well as Chinese shipyards.
Kocks was established in 1952, then offering both engineering and production of winches and other equipment at the company’s workshop in Bremen. Since 1998 the company has operated a 100% owned subsidiary in the Czech Republic for production and assembly of deck machinery. Following a bankruptcy in 2004, the assets of the company were sold and a new company, Kocks GmbH, was established. During the past year the company has ended production and assembly in Bremen, and established a joint venture company in Korea as an alternative production and assembly base. Hence the company has established a structure focused on engineering, service and sales in Bremen, with low cost productio and assembly for European markets in Czech Republic, and for Asian markets in Korea.
Operations during the past 12 months showed a turnover of EUR 25m, but considerable costs related to structural changes created a loss. However, these losses are not expected to affect the future. A turnover of EUR 29m is expected for 2005, increasing to EUR 34m for 2006.
Bergen, 22 September 2005
