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Christchurch-based Cavotec MSL has agreed to sell its Canadian business, Cavotec Gantrex, to the Belgian Gantry Group to free up money for acquisitions.
The deal, for an undisclosed sum, covers the Ontario-based company and all related Gantrex activities in the Americas.
Cavotec MSL, the product of a merger between Dutch mobile power systems company Cavotec and automatic mooring-equipment firm Mooring Systems last year, said net proceeds would be put back into the company as it assessed possible buys in the United States and Europe.
Cavotec MSL's chief executive Ottonel Popesco said the company was in talks with potential acquisition targets.
"There are great companies out there operating in our core markets whose technologies would complement our existing innovations very well. We are committed to growing the group both organically and from acquisitions."
Cavotec Gantrex, which specialises in the design and manufacture of crane runway products, was acquired by Cavotec in 2002 and generated revenue of US$9.7 million ($12.9 million) last year. Gantry takes over in January.
