The sales of the acquired business in 2010 are estimated to be around EUR 6 million. According to the agreement, El Mati Alem, Maghrepic's founder and president, will continue to own and manage the company's business activities which were not acquired by Cargotec. The parties have agreed not to disclose the purchase price.
"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. Cargotec has delivered Morocco Kalmar rubber-tyred gantry cranes as well as won maintenance contracts for container handling equipment. 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", says Mark Williamson, Senior Vice President, Services, EMEA.