Cargotec to establish MacGregor business area's domicile in Singapore
CARGOTEC CORPORATION, PRESS RELEASE, 12 FEBRUARY 2013 at 09.15 A.M. (EET)
Cargotec's Board of Directors has in its meeting on 11 February 2013 decided to establish the domicile of the future parent company of MacGregor business area in Singapore. Consequently, the management of MacGregor will be based in Singapore. Cargotec continues to plan for a separate listing of MacGregor subject to market conditions.
Singapore provides a strong base for marine and offshore industries with several listed marine companies. This will enable MacGregor to develop its entire value chain, including services.
"Due to its closeness to our Asian customers and partners, we are confident that Singapore is the best location for the domicile. Since more than 70 percent of MacGregor's sales are already generated in Asia-Pacific, we feel that establishing our domicile in Singapore would represent a natural development for our operations," comments Mikael Mäkinen, President of MacGregor.
Further information for media:
Mikael Mäkinen, President, MacGregor, tel. +358 20 777 4101
Anne Westersund, Vice President, Communications and Marketing, tel. +358 20 777 4460
Further information for investors:
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com