TI takes over Lips

TI group, owner of John Crane Marine, has taken over the Dutch-based propeller manufacturer Lips and also bought the most remaining share of Japanese Marine Technologies (JMT). The group has purchased 30 per cent of Lips in January and has paid a total of NLG 326 million ($162 million) for the company.

Last year Lips, which employs 650 people, had sales of NLG 215 million ($107 million) and a profit of NLG 18 million ($9 million). Its propeller, shafts, thrusters and waterjet business will be integrated with the global John Crane Marine business.

TI has increased its interest in JMT, the Japanese supplier of specialist seals and bearings, from 50.14 per cent to 89.5 per cent. It sees the close ties between Lips and JMT as being specially significant for serving the Asian shipbuilding industry.