Finnish-based cargo-handling machinery manufacturer Cargotec recently signed a joint venture agreement with JCE Invest AB to create the Bruks Siwertell Group that will specialize in dry bulk handling.
Each company is a global leader in handling solutions and suppliers of bulk materials. The joint venture will see Cargotec take a 48 percent stake in shares in the group, while JCE invest AB will own the majority shares of 52%. The agreement was signed and closed on May 9th, 2018.
The joint venture brings together Siwertell AB (previously part of Kalmar Business Area within Cargotec) and BRUKS Holding AB (previously part of JCE Group).
President of Kalmar, Antti Kaunonen said, “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.”
Managing Director of Siwertell, Per Karlsson said, “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.”
BRUKS Group CEO, Peter Jonsson concluded with, “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.”
Siwertell is a world-leading supplier of bulk terminal solutions, mechanical and pneumatic conveying systems, port-mobile unloaders, road-mobile unloaders, ship loaders and ship unloaders.
BRUKS provides specialized customer solutions, including the development of custom machines and systems, and is a global leader in equipment supply for the bulk materials handling industries including mechanical-engineering.