Further to completion of the acquisition of the marine and offshore businesses of TTS Group ASA(now Nekkar ASA) on 31 July 2019, Cargotec’s MacGregor business area has concluded a settlement agreement with Nekkar after challenging calculation of the purchase price.
The settlement agreement provides for a total payment of 94 MNOK(EUR 9.1 million) to be made by Nekkar to MacGregor in full and final settlement of the disputed purchase price. The payment is net of 8 MNOK(EUR 0.8 million) previously withheld by MacGregor related to the fulfilment of Nekkar tax obligations in China following completion of the acquisition.
The settlement amount will have an approximately EUR 7 million positive impact on MacGregor’s first quarter 2021 operating profit.