TTS Group changes name to Nekkar following MacGregor-deal

TTS Group has changed its name to Nekkar following the sale of the group’s marine and offshore business to MacGregor. The asset sale agreement includes the transfer of the right to use the brand name “TTS”.

TTS Group and MacGregor, which is part of Cargotec, closed the sale on July 31st July after a lengthy regulatory approval process in China that took nearly one and a half year.

As part of the agreement, MacGregor has purchased TTS Group’s marine and offshore division for an enterprise value of approximately EUR 87 million. With the acquisition, Cargotec will strengthen its marine portfolio with a wide range of cargo handling solutions including equipment for the multipurpose and heavy-lift shipping industry. TTS supplies equipment such as hatch covers, cranes, and dedicated side-loading systems and external doors and calls itself “the undisputed leader” in the heavy-lift marine cranes market.

Because the sale agreement includes the transfer of the right to use the brand name “TTS” to MacGregor, TTS Group has now rebranded itself as Nekkar. Under that name, the company will continue to sell its non-marine and offshore products, like Syncrolift, Intellilift and Nekkar Solutions services.

The company ticker at the Oslo Stock Exchange will be changed from “TTS” to “NKR” effective as of 2 August. The TTS Group website will also be abandoned. The company can be reached online at www.nekkar.com.