MacGregor concludes settlement agreement on TTS marine and offshore businesses

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(Image Courtesy: MacGregor)

Further to completion of the acquisition of the marine and offshore businesses of TTS Group ASA (now Nekkar ASA) on 31 July 2019, Cargotec’s MacGregor business area has concluded a settlement agreement with Nekkar after challenging calculation of the purchase price.

The settlement agreement provides for a total payment of 94 MNOK (EUR 9.1 million) to be made by Nekkar to MacGregor in full and final settlement of the disputed purchase price. The payment is net of 8 MNOK (EUR 0.8 million) previously withheld by MacGregor related to the fulfilment of Nekkar tax obligations in China following completion of the acquisition.

The settlement amount will have an approximately EUR 7 million positive impact on MacGregor’s first quarter 2021 operating profit.

Sea News, January 12

Baibhav Mishra
Author: Baibhav Mishra