Acquisitions and divestments

Updated 23 Jun 2010

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Cargotec’s strategy is based on profitable growth in developing and consolidating markets. We want to significantly grow our business and become a truly global company by expanding our presence, especially in Asia Pacific and the Americas. We want to broaden and localize our product offering to better meet customers’ needs.

In addition to organic growth, Cargotec will grow through acquisitions in order to accelerate its expansion into new markets and develop its existing service network. Our aim is to build a leading position in services.

2010

Waltco Hydraulics (7 January 2010)
Cargotec has sold its US-based hydraulic cylinders manufacturing business Waltco Hydraulics to Ligon Industries, LLC.
The parties have agreed not to disclose the transaction value.

2009

Sales and service business in Morocco (11 December 2009)
Cargotec acquires the port service and equipment related part of Maghrepic S.A. busienss operations. Cargotec employs 44 persons and the sales of the acquired business in 2010 are estimated to be around EUR 6 million.

Danish sales and services company (19 August 2009)
Cargotec agreed to acquire assets of a Danish sales and service company Arne Holst & Co. A/S. The acquisition included the takeover of business assets and customer contacts, including four employees.

2008

80% of CVS Technoports S.r.l. and CVS Service S.r.l. (3 November 2008)
The companies focus on developing the service offering towards container and material handling customers in Italy. Through the acquisition the companies are able to offer a wide range of services related to both CVS and Kalmar equipment, as well as third party equipment. The two companies’ combined sales turnover in 2007 was approximately EUR 8 million and the companies employ 65 people.

Equipos y Servicios para Terminales y Puertos SRL (ESTP) (11 August 2008)
Kalmar signed an agreement to acquire Argentina-based Equipos y Servicios Terminales y Puertos SRL (ESTP). The company's sales in 2007 were close to EUR 1 million and it employes 17 people. In addition to new equipment distribution the company provides equipment commissioning, technical and spare part support, and equipment repairing and refurbising in South America.

Zepro Tailgate (1987) Ltd (17 June 2008)
Hiab concluded an agreement to acquire the business of Zepro Tailgate (1987) Limited. The company is Hiab's long term distributor for tail lift in New Zealand. In addition to tailgate sales the business comprises of installation, repairs, maintenance and spare part sales.

Platform Crane Services International Inc (PCS) (10 April 2008)
MacGregor signed an agreement to acquire US based Platform Crane Services International Inc. (PCS). The company specialises in the service, repair and maintenance of marine and offshore cranes with an emphasis on Gulf of Mexico installations. The product and service offering also includes inspections, load testing and installations.

South African Bowman Cranes (Pty) Ltd (1 April 2008)
Hiab concluded an agreement to acquire the majority of the operations of South African Bowman Cranes (Pty) Ltd, Hiab’s long term agent in the region. The company supplies, installs and services truck related load handling equipment. Together with the current main owner Phakisa Fleet Solution (Pty) Ltd, Hiab forms a joint venture under the name of Hiab (Pty) Ltd. The acquisition was included in Cargotec in July 2008.

DEL Equipment (UK) Limited and Ultron Lift Corp. (27 February 2008)
The companies manufacture tail lifts in the UK and US. DEL is the market leader in UK and Ultron is the market leader in Canada. The acquisitions complete Hiab’s tail lift product range, which after the acquisitions will be the most comprehensive. The acquisition was included in Cargotec in March 2008.

O’Leary’s Material Handling Services (20 February 2008)
Hiab signed an agreement to acquire 70 percent of the operations of O’Leary’s Material Handling Services, which is the leading company in Perth, Western Australia that supplies, installs and provides service for tail lifts.

2007

Advanced Cargo Transhipment B.V. (ACT) (28 August 2007)
Automation and software producer ACT is based in the Netherlands. ACT is a great addition improving further Kalmar's capabilities to automate container handling equipment and terminals. The acquisition was included in Cargotec in August 2007.

Bay Equipment Repairs Inc. (13 July 2007)
Bay Equipment Repairs Inc. is based in Tampa, Florida, U.S.A. It offers shop and mobile services in Florida to a variety of customers. Bay Equipment Repairs will be integrated to Hiab’s US service organization and it further strengthens Hiab’s service coverage in the important Florida market area. The acquisition was included in Cargotec in July 2007.

Balti ES (30 May 2007)
Balti ES, a steel structure and component manufacturer is based in Narva, Estonia. The acquisition supports the growing component needs of both Cargotec’s Hiab and Kalmar business areas. The acquisition was included in Cargotec in June 2007.

Vestnorsk Hydraulikkservice AS (VNH) (14 May 2007)
VNH is a service and turn-key system supplier to the offshore and marine industries. The acquisition of VNH strengthens MacGregor's North Sea service strategy and secures MacGregor service offering on both sides of the North Sea. The acquisition was included in Cargotec in June 2007.

Kalmar Asia Pacific Ltd (23 April 2007)
Kalmar made an agreement to acquire the remaining 23% minority of Kalmar Asia Pacific Ltd.

Plimsoll Corporation Pte Ltd (29 March 2007)
Plimsoll is based in Singapore and is a leading company in deck machinery for the offshore oil and gas, and marine industry in the Asia-Pacific region. Cargotec acquires 90 per cent of the company with the remaining shares being owned by employees. With the acquisition of Plimsoll, MacGregor has further expanded into the offshore industry. The acquisition was included in Cargotec in April 2007.

Hydramarine AS (15 March 2007)
Hydramarine is based in Norway and is the leading company in high-end area of offshore and subsea load handling systems for the offshore vessel industry. Cargotec acquires 90% of the company with the remaining shares being owned by employees. The acquisition widens MacGregor's offering in the growing offshore vessel segment. The acquisition was included in Cargotec in April 2007.

Vietnam Shipbuilding Industry Group (Vinashin) (6 March 2007)
MacGregor established a joint venture with Vietnam Shipbuilding Industry Group (Vinashin) located in Haiphong, Vietnam. MacGregor is a 49 percent shareholder in the joint venture with Vinashin’s stake standing at 51 percent. MacGregor Vinashin Marine Equipment Ltd concentrates on hatch cover production to shipyards within Vietnam. The next phase will include the production and assembly of marine cranes as well as the production of RoRo equipment.

Indital Construction Machinery Ltd. (Indital) (14 February 2007)
Indital has its manufacturing facility in Bangalore, producing container reach stackers, heavy fork lift trucks and mobile cranes used for loading trucks (pick-and-carry). Cargotec’s ownership will be 95 percent. The acquisition creates manufacturing presence in India for Cargotec and supports the growing sales activities of all three of Cargotec’s business areas. The acquisition was included in Cargotec in April 2007.

Port Equipment Service, Inc. (2 February 2007)
PES services container handling equipment of port operators in Portsmouth and Norfolk, Virginia and elsewhere in the East Coast of USA. PES also services various kinds of heavy equipment of railway terminals in five states. The acquisition strengthens Kalmar’s service business in U.S. ports and intermodal terminals. The acquisition was included in Cargotec in March 2007.

BG Crane Pty. Ltd. (30 January 2007)
Acquisition of the majority of the shares of Hiabīs Australian importer BG Crane. The company is a leading distributor and service provider for load handling customers in Australia. The acquisition significantly strengthens Hiabīs position and future opportunities in the area. The acquisition was included in Cargotec in March 2007.

Truck och Maskin i Örnsköldsvik AB (29 January 2007)
The company’s main activities are the sales and service of materials handling equipment. The acquisition bolsters Kalmar as a full-service provider in wood handling to Swedish pulp and paper mills, and saw mills. The acquisition was included in Cargotec in March 2007.

Berger (17 January 2007)
Acquisition of the sales, service and installation operations of Berger in four Eastern European countries: Croatia, Czech Republic, Hungary and Slovakia. These operations consist of seven sales and service/installation points. By acquiring the operations Cargotec strengthens Hiabīs presence further in these markets. The acquisition was included in Cargotec in May 2007.

Tagros d.o.o. (15 January 2007)
Tagros provides maintenance of container handling equipment and industrial forklifts at the Port of Koper in Slovenia. Cargotec aims also to use the acquisition of Tagros as an opportunity to build up Kalmarīs service and sales activities in Slovenia and the Northern Balkan Peninsula. The acquisition was included in Cargotec after signing.

2006

Kalmar Espaņa S.A. (18 December 2006)
Acquisition of the majority of the shares of Kalmarīs Spanish distributor Kalmar Espana, the leading distributor and service provider for material handling customers in Spain. The acquisition was included in Cargotec in April 2007.

Catracom (14 September 2006)
Acquisition of Kalmarīs Belgian distributor Catracom. Catracom has a strong service set-up in the port of Antwerp as well as equipment rental business at ports and heavy industry customers in Belgium. The acquisition significantly strengthens Kalmarīs existing service offering and network in the port of Antwerp. The acquisition was included in Cargotec in November 2006.

African National Engineering (1 September 2006)
Acquisition of the Kalmar equipment related service business of African National Engineering (ANE) based in South Africa. The merger of ANE’s service business with Kalmar operations in South Africa strengthens the cooperation in service between Kalmar and South African Port Operations (SAPO). The acquisition was included in Cargotec after signing.

Grampian Hydraulics (11 August 2006)
Scottish Grampian Hydraulics is specialized in hydraulics and spare part service of offshore support vessels in the North Sea. Grampian Hydraulics gives MacGregor a strong base to expand its offering into North Sea offshore support vessels through its service network. The acquisition was included in Cargotec after signing.

BMH Marine AB (12 June 2006)
BMH Marine AB is a Swedish company specialising in dry bulk handling equipment on ships and at port terminals. The acquisition expands MacGregorīs offering into the growing market of dry bulk handling solutions. The acquisition was included in Cargotec in July 2006.

East Coast Cranes and Electrical Contracting Inc. (16 March 2006)
ECC is a US company specializing in crane construction services and maintenance in ports. The acquisition clearly strengthens Kalmarīs presence in US ports while also improving its capacity to service various types of port equipment. The acquisition was included in Cargotec after signing.

AMA (26 January 2006)
Tail lift manufacturer AMA consists of a manufacturing company AMA Polska Sp.z.o.o based in Poland and a sales company Stama B.V. in Holland. The acquisition makes Hiab the market leader in tail lifts in Poland and further strengthens its market position in the Netherlands. The acquisition was included in Cargotec in April 2006.

2005

Consolis (21 September 2005)
Divestment of Cargotecīs 42% minority stake in the precast concrete element manufacturer Consolis to a consortium of institutional investors represented by the European Private Equity firm Industri Kapital, certain co-investors and management. Through the divestment Cargotec will focus on its core business of cargo handling solutions. The acquisition was finalised in October 2005.

All Set Marine Lashing (8 July 2005)
All Set Marine Lashing is specialized in providing container securing equipment. By acquiring All Set Marine Lashing Cargotec will further strengthen MacGregor’s globally leading position in container ship technology. The acquisition was included in Cargotec in November 2005.