Cargotec, the Finnish ship equipment manufacturer, has agreed to buy Hatlapa Group in a deal that values the privately owned German ship and offshore deck equipment company at €160 million ($210 million).
Cargotec said the acquisition will strengthen the portfolio and market position of its MacGregor unit, which will become a global leader in ships’ winches.
The acquisition, which is subject to regulatory approval, is expected to close in the second half of 2013.
Hatlapa, which is headquartered in Uetersen, Germany, has 585 employees and is expected to book sales of $157 million in 2013. It has manufacturing facilities in Germany and Norway, but approximately two-thirds of its production is outsourced to third parties.
Cargotec, which also owns the Kalmar and Hiab brands, employs around 10,000 people and booked sales of $4.3 billion in 2012.