Aker Solutions sells mooring and loading systems business to Cargotec

10/30/2013

Aker Solutions sells mooring and loading systems business to Cargotec

OSLO -- Aker Solutions today agreed to sell its mooring and loading systems business to Cargotec, for an enterprise value of nearly $250 million.

The unit, known for the Pusnes brand name, provides mooring equipment, loading and offloading systems, as well as deck machinery for the global offshore and shipping markets. Aker Solutions will book a gain of about $170 million from the sale.

The division employs about 370 people in Europe, Asia and the Americas, and has its main office in Arendal, Norway. It generated revenue of $170 million, and earnings before interest, tax depreciation and amortization of roughly $27 million in 2012.

Leif Haukom, who heads the business area at Aker Solutions, will continue to lead the unit after the transaction. Structured as a share sale, it is set to be completed in first-quarter 2014, pending approval from competition authorities.

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