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Cargotec bulks up joint venture with JCE Invest

A Siwertell ship unloader in action. The combined dry bulk handling portfolios of Siwertell and BRUKS will be able to handle most any bulk material.Screenshot / Siwertell

Finnish company Cargotec and Swedish firm JCE Invest have established a joint venture, the Bruks Siwertell Group, specialising in dry bulk handling.

The joint venture is formed by two global leaders in dry bulk handling equipment, Siwertell and BRUKS Holding, previously part of Cargotec’s Kalmar business area and JCE Group, respectively.

Cargotec will own 48 per cent of the venture, with the remaining 52 per cent belonging to JCE Invest. The transaction was closed on 9 May.

“This joint venture supports Cargotec’s strategy to focus on container ports, heavy industrial segment and logistics,” says Antti Kaunonen, president of Kalmar. “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 bulk material handling with a globally competitive and specialised product portfolio.”

Dry bulk handling centres around the equipment that handles dry materials, such as coal, sand and ore in loose bulk form. Siwetell and BRUKS’ joint portfolio will cover almost all types of bulk materials.

In addition, Siwertell will benefit from BRUKS’ strong market position in the US, while Siwertell will open doors for BRUKS in Asia.

Published on 10.05.2018