Syncrolift™ deal strengthens TTS's position in the shiplift market

TTS Handling Systems AS, Norway (TTS) has entered an agreement with Rolls-Royce Marine North America Inc. to acquire Syncrolift™ assets. The deal implies a broadening of TTS’ offerings to the market for shiplifts and transfer system solutions as well as opportunities for increased shiplift re-build & service revenue related to the significant number of installed Syncrolift shiplifts worldwide.

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Syncrolift™ is the inventor of shiplifts and has supplied more than 90% of all shiplifts worldwide. The Syncrolift™ shiplift makes the TTS offering more complete and fits perfectly with TTS’ commitment to offer a wide variety of shiplifts and transfer system solutions covering both land- and seaside requirements. TTS successfully launched a strategic market initiative a few years ago, and has won the last seven contracts for shiplifts worldwide. 

“Through this purchase, we will be even better placed to offer a wide range of products and system solutions to meet any customer’s demands” says Rolf-Atle Tomassen, Managing Director of TTS Handling Systems AS.

“Ever since we made the strategic decision to withdraw from the shiplift business and concentrate on our core business, TTS has been our preferred buyer. We trust TTS to be the best choice to continue serving our valued customers and to continue developing the Syncrolift™ brand,” says Simon Slifkin, Director Commercial Naval at Rolls-Royce Group plc. 

The asset deal gives TTS Handling Systems AS an exclusive and unlimited right to conduct future business based on Syncrolift™ products and relevant intellectual properties and includes takeover of drawings of 250 shiplifts, patents and brand (Syncrolift™).

“After more than half a century in the shiplift market, Syncrolift™ represents an installed global base of around 250 shiplifts. We consider this a substantial opportunity to increase our revenue from re-build & services, in line with group strategy to expand TTS’ global service footprint,” says Tomassen.

Tomassen also assures that necessary steps will be taken to ensure that unique competence and knowledge built over decades will be duly transferred to TTS to the benefit of existing and future Syncrolift™ customers.

Following closing of the asset deal, TTS Handling Systems AS will change its name to TTS Syncrolift AS. The asset takeover implies further build-up of TTS’ shiplift operations in Droebak, Norway. 

The parties have agreed on a price in the range of $1 million to $3 million based on actual Syncrolift turnover in a specified period. Partial payments are due in March 2016, 2017 and 2018. The transaction is subject to customary closing conditions and closing is expected within 45 days. The agreement includes a non-compete clause under which Rolls-Royce Group plc agrees not to enter into or establish similar business in competition with TTS’ shiplift operations for a given period.