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TTS Buys Kocks Deck Machinery
01 Oct 2005
In a continuing policy of acquiring companies which complement its current portfolio, Norway's TTSMarine ASA has signed a final sale and purchase agreement to acquire Germany's Kocks GmbH of Bremen.
The sale was effective on the first of this month and the company renamed TTS Kocks GmbH .Kocks GmbH has a product range of deck machinery, deck machinery controls and electric and hydraulic systems for use with deck machinery. The company's product range is complementary to the current TTS portfolio and it has considerable experience in the German ship owning market, where the majority of newbuild orders go to yards in Korea and China.
Johannes Neteland, TTS Marine's CEO said, 'With TTS Ships Equipment GmbH Bremen, TTS-LMG Marine Cranes GmbH Lubeck, and TTS Kocks GmbH, TTS will be a leading supplier of ships equipment to Germany's ship owning and shipyard markets.'
Kocks was established in 1952, then offering both engineering and production of winches and other equipment at the workshop in Bremen.
Since 1998 the company has operated a 100% owned subsidiary in the Czech Republic for production and assembly of deck machinery.
Following a bankruptcy last year, the assets were sold and a new company, Kocks GmbH, was established. Over the last year, the company has ended production and assembly in Bremen while establishing a joint venture company in Korea as an alternative production and assembly base. The company has thus established a structured focus on engineering service and sales in Bremen, with low cost production and assembly for European markets in the Czech Republic, and for Asian markets in Korea.
MJ Information 21168
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