Athens: TTS Handling Systems has agreed to purchase the Syncrolift brand and its vessel lifting assets from Rolls-Royce Marine North America for between $1m and $3m.
The deal comprises the takeover of 250 shiplifts and patents, and of the Synchrolift brand itself.
The purchase price is dependent on turnover generated by Syncrolift services from the closing of the deal to the end of 2017, a statement from TTS said today.
The TTS Group subsidiary will change its name to TTS Syncrolift after the deal is completed, which is expected to be within around 45 days’ time.
“TTS successfully launched a strategic market initiative towards the shiplift market a few years ago, and has won the last seven contracts for shiplift newbuilds in the international market,” TTS said.
“Through the purchase of Syncrolift assets, TTS will be even better placed to offer a wide range of products and system solutions to meet any customer’s demands, simplifying processes and increasing efficiency for shipyards, repair yards, naval bases and other marine clients around the world.”
The deal includes a non-complete clause under which Rolls-Royce Group has agreed not to enter into or establish similar business within a certain period.