Cargotec is effectively to divest its Siwertell business, as it forms a new joint venture with JCE Invest AB.
Cargotec will own 48% of the shares in Bruks Siwertell Group, and JCE Invest AB will own the remaining 52%.
“This joint venture supports Cargotec’s strategy to focus on container ports, heavy industrial segment and logistics,” said Antti Kaunonen, president of Kalmar. “Siwertell’s business is outside these core focus areas, with different customers, customer locations and limited synergies with the rest of our businesses. By joining forces with JCE Group, we are able to create a company that will be a significant player in the bulk materials handling, with a globally competitive and specialised product portfolio.”
Per Karlsson, managing director of Siwertell, commented: “This is a true partnership between two strong brands, Siwertell and Bruks, as they complement each other very well, both in terms of product portfolio and market coverage. Siwertell will benefit from Bruks’s strong position in the US market, whereas Bruks will gain access to Siwertell’s Asian network, knowledge and exposure. Together we will be a full line supplier for almost all types of bulk materials.”
Peter Jonsson, CEO of Bruks, said: “Together, Bruks and Siwertell will have a strong position in the dry bulk handling industry and attractive growth opportunities in new markets and customer segments including biomass, bioenergy and biofuels industries. This cooperation will add customers, competence, additional knowledge, capabilities and products to support the future growth of the new company.”
In 2017, Siwertell generated total revenues of SEK582M (US$67.2M), and it employs 114 people in Bjuv, Sweden. In 2017, Bruks generated total revenues of SEK707M, and it employs 246 employees in Sweden, USA, Germany and Lithuania.