Palfinger is continuing the expansion of its marine business and plans to make a takeover bid for Norwegian-listed TTS Group.

Following its recent acquisition of lifeboat and life saving equipment group Harding, Palfinger Marine will make a NOK5.60 per share takeover bid for deck handling and marine and offshore crane supplier TTS, subject to due diligence.

The board of directors of TTS Group said it would recommend that shareholders accept the 100% takeover offer. The offer has the support of roughly 67% of TTS’ shareholders including the Skeie family, which holds 32%.

Palfinger plans to make a formal offer in four weeks time with the acquisition expected to be finalized in the fourth quarter of this year, or January 2017 at the latest.

The offer by Palfinger would see it become one of the top three global ship equipment suppliers just six years after it moved into the space with the acquisition of Ned Deck Systems.

“Together with the acquisition of Harding, this acquisition would place Palfinger Marine among the global top three ship equipment suppliers. In the future, we want to be a one-stop shop, internationally offering all maritime customer industries competitive products and services,” said Herbert Ortner, ceo of Palfinger.

From 2017 onwards Palfinger Marine would contribute one-third of Palfingers group revenues.

Toril Eidesvik ceo of TTS Group commented: “TTS has clear ambition to grow through the development of a wider range of products and product packages within the deck- and cargo handling equipment to the various vessel segments. Joining Palfinger Marine, and potentially also Harding, will give large synergies and create a solid platform for the planned growth.”

TTS Group has global operations and subsidiaries in Belgium, Brazil, China, Finland, Germany, Greece, Italy, Korea, Norway, Poland, Singapore, Sweden, United Arab Emirates, USA and Vietnam.