Since 1966, TTS has made a remarkable journey from a three-man consultancy to a multinational corporation. Today - 15th March - we mark the 50th anniversary of the company.

It all started with a small family enterprise in western Norway - Sverre Munck AS. They produced cranes, but saw an increasing demand in the marine industries for something more than delivery of individual pieces of handling equipment. They saw a need for complete handling solutions to make a range of marine operations run smoother.

In 1966, they acted on this business idea. Total Transportation Systems - later shortened to TTS - was born and a small consultancy set up in London. In the ensuing years, TTS grew steadily, focusing primarily on cranes and deck equipment.

When the relations between China and the West started to improve in the 1970s, TTS became an early mover in the Chinese market for ships equipment. Already in 1974 - even before the Norwegian government had officially approved of such relations - TTS signed a contract with China State Shipbuilding Corporation. Today, China is the world's largest shipbuilding nation and TTS has a strong market position in the Middle Kingdom with three joint ventures: TTS Hua Hai, TTS Bohai and TTS-SCM.

Through peaks and troughs
As all other players in the marine industries, TTS has experiences high waves and lows. The 1980s recession that hit the shipbuilding industry with full force. Luckily, big equipment orders from the Kværner Govan Shipyard in Scotland came to the rescue in 1988. TTS survived.

In 1995, TTS Group ASA was listed on Oslo Stock Exchange. This ushered in a period of acquisition-driven growth where target segments, product portfolio and operations were heavily expanded. Mongstad Engineering was included in the company in 1996. In 1997 and 2000, TTS bought the crane companies Norlift and Aktro. In 2001, TTS took over the Dry Cargo Division of Hamworthy.

Takeover of LMG's crane division in 2004 strengthened TTS' access to the German shipbuilding market, while the purchase of Finnish Liftec expanded the range of solutions for loading and unloading at ports. In 2007, TTS bought the drilling package provider Sense EMD, which was later sold on to Cameron with a healthy profit. The most recent acquisition, Neuenfelder Maschinenfabrik in Hamburg, made TTS the leading player in the world's heavy lift market.

Active innovator
Fifty years might not be long in historical perspective, but the marine industries have undergone tremendous changes during this period. New vessel types, new industries and demands for safer, more efficient and environmental-friendly solutions has set new requirements for handling solutions and access systems. TTS has played an active role in providing the answers to these demands.

With the new market strategy adopted in 2014, aiming to develop complete vessel-type handling solutions for key players in the marine industries, TTS has come one step closer to fulfilling the vision of its founders. After a tough two-year turnaround, TTS enters its sixth decade well positioned for new growth. Together, TTS employees around the world have laid a solid foundation for many more anniversaries to come.

TTS Group ASA issued this content on 15 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 March 2016 10:39:04 UTC

Original Document: http://www.tts-marine.no/Pressroom/Press-releases/TTS-turns-50-today/