New partnership in the dry bulk cargo sector
Cargotec to establish a specialised joint venture with JCE Invest AB
Cargotec has signed an agreement with JCE Invest AB to establish a joint venture, Bruks Siwertell Group, specialised in dry bulk handling, which will own Siwertell AB (previously part of Kalmar Business Area within Cargotec) and BRUKS Holding AB (previously part of JCE Group).
Cargotec will own 48% in Bruks Siwertell Group, and JCE Invest AB will own left 52%.
The ownerships are included to venturers' consolidated financial statements in accordance with the applicable regulation. Both companies are world-leading suppliers of bulk materials handling solutions.
“This joint venture supports Cargotec's strategy to focus on container ports, heavy industrial segment and logistics. 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 material handling with a globally competitive and specialised product portfolio” stated Antti Kaunonen, President, Kalmar.
“This partnership between two strong brands is ideal 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” stated Per Karlsson, Managing Director, Siwertell.
Siwertell is a world-leading supplier of ship unloaders, road-mobile unloaders, port-mobile unloaders, ship loaders, mechanical and pneumatic conveying systems, and bulk terminal solutions. Most equipment is customised according to individual bulk operating requirements, but the company also offers standardised products.
In 2017 Siwertell generated revenues of SEK 582 million and employed 114 people in Bjuv, Sweden. BRUKS is a global leader in mechanical-engineering and equipment supply for the bulk materials handling industries, whose portfolio offers a wide variety of customised solutions for the bulk materials handling industry. In 2017, BRUKS generated revenues of SEK 707 million and employd 246 employees in Sweden, USA, Germany and Lithuania.