Cargotec to divest offshore handling business

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.

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.