Cargotec acquires Maghrepic to spur north African sales

CARGO-HANDLING machinery manufacturer for ships, ports and terminals Cargotec has acquired the port service and equipment related part of Maghrepic SA's business operations for an undisclosed purchase price, in a bid to strengthen and grow its sales and service activities in Morocco.

Maghrepic has been Cargotec's dealer representative in Morocco "with a long experience in service and spare parts." Under the deal, Cargotec will employ 44 persons, most of whom are service technicians.

It is estimated that the acquired business in 2010 will generate sales of around EUR6 million (US$8.71 million).

Under the terms of the agreement, El Mati Alem, Maghrepic's founder and president, will continue to own and manage those parts of the company's business not acquired by Cargotec, a statement issued by the Cargotec Corporation said.

"Global port operators and shipping companies have started to invest in Moroccan ports as well as strategically placed greenfield facilities as the country is located at the crossroads of important sea routes and the gateway between Africa and Europe," said Cargotec regional vice president Mark Williamson.

"A local set-up will further support Cargotec's ability to serve its customers in the region and act as a springboard for additional business growth in the North Africa," he said.
 

Source: SchedNet