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Press release MacGregor

MacGregor signs joint venture contract with CSSC Nanjing Luzhou Machine Co Ltd to strengthen its presence in China

10/11/2016

CARGOTEC CORPORATION, PRESS RELEASE, 11 OCTOBER 2016 AT 8 AM EEST

MacGregor, part of Cargotec, and China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co Ltd (LMC) signed a joint venture contract on 15 September 2016 to form CSSC Luzhou MacGregor Machine Co Ltd. Subject to all relevant authority approvals, expected within this year, LMC will own 51 percent and MacGregor 49 percent of the new joint venture company.

As a first step, the joint venture will cover the transfer of Hatlapa marine air compressor technology over a two-year period. CSSC Luzhou MacGregor Machine Co Ltd will be located in Nanjing and will have exclusive sales rights for the air compressors in China. Outside China, service, spare parts and new sales will be undertaken by MacGregor's established network.

"The planned joint venture will enhance our strategic partnership with the largest Chinese state-owned shipbuilding group, CSSC," says Jane Chen, Vice President, Head of China, at MacGregor. "MacGregor and CSSC Luzhou have more than 20 years' experience working together and now both parties see it as beneficial to widen this partnership and build a deeper cooperation model for certain business areas.

"The joint venture will benefit from MacGregor's strong brand and product knowledge, as well as leveraging LMC's proximity to the shipyards belonging to the CSSC group," Ms Chen continues. "One of MacGregor's strengths is its global operations that focus on serving customers locally. The joint venture will not only strengthen MacGregor's market position in China, it will ensure an even greater local connection for our Chinese customers."

Mr. Gao Jian, General Manager, CSSC Nanjing Luzhou Machine Co Ltd, says: "As the first joint venture between CSSC Luzhou and MacGregor, it marks the new commencement of our strategic partnership. The joint venture will also make its contribution to the Chinese shipbuilding industry and the ship equipment industry transformation. I have full confidence that the new joint venture will be a great success and we are looking forward to it." 

Caption: Joint Venture Signing ceremony: Mr Gao, General Manager, CSSC Nanjing Luzhou Machine Co Ltd (seated right) and Alexander N├╝rnberg, Senior Vice President, Technology and R&D, MacGregor (seated left)

For more information please contact:
Jane Chen, Vice President, Head of China, MacGregor, tel. +86 21 260 63110
Email: jane.chen@macgregor.com
or
Pasi Lehtonen, Senior Vice President, Marketing, Business Development and Strategy, MacGregor
Tel. +358 40 557 3881, Email: pasi.lehtonen@macgregor.com

MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes and Triplex brands. Shipbuilders, owners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor.

MacGregor solutions and services for handling marine cargoes, vessel operations, offshore loads, crude/LNG transfer and offshore mooring are all designed to perform with the sea. www.macgregor.com

MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2015 totalled approximately EUR 3.7 billion and it employs over 11,000 people. www.cargotec.com

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