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Published: 6 February 2017
Novatech acquires TTS Liftec
Denmark-based Novatech ApS has acquired Finland's TTS Liftec Oy AB from TTS ASA Group in Bergen
Novatech ApS has announced its completed acquisition of Finnish TTS Liftec OY with the TTS group in Bergen, through the latter's TTS Marine AB in Gothenburg.The price is €5.8M including net cash, plus an earn-out over the next three years if specific targets are met.
"The acquisition of Liftec is a significant step towards expanding our international profile," explained Novatech. "With the acquisition of Liftec, Novatech expands its product portfolio and strengthens its business in heavy duty transportation equipment for industry, ports and shipping companies.
"Novatech and Liftec complement each other by having overlapping customer groups, and in one area they have similar products."
However, Novatech added that "the merger does not change the individual products, as all products in the future will be sold and marketed as before."
In particular both the Novatech and TTS Liftec ro-ro cassette lifter lines, respectively Flexmaster and Translifter brands and their associated cassettes, will be continued. However, the merger does create opportunities for consolidation on the production side, although the Finnish facility near Tampere, which employs around 30 people, will continue to assemble and test Translifters. After the merger the group as a whole will employ around 300 employees in Denmark, Finland and Poland.
"The merger will also mean joint efforts to increase the development of new products and solutions with a larger design capacity," said Novatech. "The group will also in future focus on quality, delivery and teamwork. In January NT Industry was the first in the group to be certified after the new ISO 9001: 2015 requirements. The rest of the group will get the same certification before the end of the year."
Liftec Oy was established in 1991. It had been a part of TTS Group since 2004.