CARGOTEC CORPORATION, PRESS RELEASE, 7 JANUARY 2010 AT 9 A.M. EET
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. Waltco Hydraulics, situated in Ohio, was part of Waltco Lift Corp., belonging to the Tail Lift (liftgate) division within Industrial and Terminal business area at Cargotec.
Michael Militello President of Waltco Lift Corp:
Ligon Industries is a long time supplier to Cargotec. Based on our earlier experience of sourcing cylinders from Ligon, we trust Ligon as a reliable and high-quality producer whom we continue to count on as a supplier. In 2008 Waltco Hydraulics delivered approximately one third of its volume to Cargotecs businesses and the rest to external customers.
This divestment is aligned with Cargotecs global supply strategy which emphasizes an assembly-focused product supply set-up close to customers.
More information for the press:
Michael Militello President, Waltco Lift Corp, tel. + 1 330 633 9191
Minna Karhu, Vice President, Communications, tel. +358 204 55 4630 or +358 40 532 0007
More information for investors:
Paula Liimatta, IR Manager, Cargotec, tel. +358 (0)204 55 4634
Cargotec improves the efficiency of cargo flows by offering solutions for the loading and unloading of goods on land and at sea wherever cargo is on the move. Cargotecs main daughter brands for cargo handling Hiab, Kalmar and MacGregor are global market leaders in their fields. Cargotecs global network offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotecs sales totalled EUR 3.4 billion in 2008 and it employs approximately 10,500 people. Cargotecs class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com