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Häggblom Group, a leading Finnish and Swedish mining earthmoving machine components Group, has announced the disposal of its “Track Systems” and “Spare Parts and Wear Parts” for construction size machines business units to the USCO Group.
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15 February 2022
Free for publication 15.02.2022
BUSINESS TRANSACTION NOTICE
Häggblom Group, a leading Finnish and Swedish mining earthmoving machine components Group (“Haggblom”), has announced the disposal of its “Track Systems” and “Spare Parts and Wear Parts” for construction size machines business units to the USCO Group (“USCO”), a global business, world-wide leader in the earth-moving machine components after-market and track systems industries.
Häggblom has on 14.2.2022 concluded a business purchase agreement with a newly founded company ITR Häggblom Oy, fully owned by the USCO S.p.A Group, whereby ITR Häggblom Oy acquires Häggblom ‘Track Systems’ and ‘Spare Parts and Wear Parts’ business units for construction size earthmoving machinery in Finland. The personnel working in these business units has been transferred to ITR Häggblom as a result of the transaction. Following the acquisition, Häggblom will focus on its core business in Finland and Sweden in line with its new strategy. This includes the company's own products, such as buckets of all sizes suitable for Häggblom's customers demanding use, mining truck bodies and spare parts and wear parts for these, together with life cycle services provided to customers, e.g. maintenance and condition monitoring. The acquisition will not affect the operations of Häggblom's Swedish subsidiary.
ITR Häggblom Oy, fully owned by USCO S.p.A, will focus on the development of track crawler applications and providing service inter alia to construction contractors and machine shops. The company's head office will also be in Kokkola. USCO, which has maintained a strong trading relationship with the business for many years, was founded in 1989 and is headquartered in Modena, Italy. USCO, through its world-wide recognized brand ITR, manufactures and distributes an extensive range of undercarriage, ground engaging tools, track systems and repair parts for construction earthmoving machines. With 17 manufacturing sites in Italy, Spain, UK, UAE, India, South Korea, China and USA, and 54 distribution and service centres in North and South America, Africa, Middle East, Europe, Australia and Asia, USCO employs approximately 2,000 employees.
- This transaction is part of Häggblom Group's strategic decision to focus on a strongly growing business area. Häggblom Group will continue to grow in its own area of operation, and the divested business will receive strong support from the global USCO Group to grow and develop in the Finnish market. Transaction creates excellent conditions for the strong growth of both companies supported by committed professional personnel and partners, says Jukka Karhula, CEO of Häggblom Group.
- We are proud of the acquisition of the Haggblom business units, a leading player in the Finnish market. We welcome ITR Haggblom’s top management and employees. We are confident they will continue creating significant value for all the company stakeholders. We firmly believe that this transaction represents a further step in the development of our global footprint as well as in the consolidation of the USCO Group position as a recognized world-wide leader, says Massimo Galassini, USCO’s CEO and controlling shareholder.
- The business transaction is a very positive step, aligning and focusing the businesses of both companies. ITR Häggblom is very pleased to join USCO Group, giving us the opportunity to grow further and strengthen our position in the market. I am enthusiastic to shoulder this new position, and thankful to do so together with our skilled personnel, says Markus Jansson, CEO of ITR Häggblom Oy.
Ab A. Häggblom Oy / Häggblom Group
+358 40 577 6351
ITR Häggblom Oy
+358 40 358 0231
USCO-ITR external communication