Yesterday, Cargotec signed an agreement with JCE Invest AB to establish a joint venture (JV), Bruks Siwertell Group, specialised in dry bulk handling. The new JV will own Siwertell AB (previously part of Kalmar Business Area within Cargotec) and BRUKS Holding AB (previously part of JCE Group). Both companies are world-leading suppliers of bulk materials handling solutions. Cargotec is to own 48% of the shares in Bruks Siwertell Group, and JCE Invest AB will own the rest, 52%.
President of Kalmar, Antti Kaunonen, commented: "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."
"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", commented Siwertell’s Managing Director, Per Karlsson.
BRUKS Group CEO, Peter Jonsson, explained: "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."
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/10052018/new-jv-formed-between-cargotec-and-jce-invest-ab/