The joint venture owns Siwertell AB, previously part of Kalmar Business Area within Cargotec, and BRUKS Holding AB, previously part of JCE Group.
The transaction was signed and closed on May 9.
Cargotec owns 48% of the shares in the joint venture and JCE Invest AB owns the remaining 52%.
The ownerships are included to venturers’ consolidated financial statements in accordance with the applicable regulation.
“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,” said Antti Kaunonen, president of Kalmar. “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 specialized product portfolio.”
Siwertell and BRUKS complement each other in terms of product portfolio and market coverage, said Per Karlsson, managing director at Siwertell.
“Siwertell will benefit from BRUKS’s strong position in the U.S. market whereas BRUKS will gain access to Siwertell’s Asian network, knowledge and exposure,” he said.
Siwertell is a supplier of ship unloaders, road-mobile unloaders, port-mobile unloaders, ship loaders, mechanical and pneumatic conveying systems, and bulk terminal solutions.
BRUKS is a leader in mechanical-engineering and equipment supply for the bulk materials handling industries.