Cargotec sings a letter of intent to acquire total ownership in Japanese MacGregor-Kayaba Ltd
CARGOTEC CORPORATION, PRESS RELEASE, 29 MARCH 2010, AT 10:15 (EET)
Cargotec has signed a letter of intent to acquire the remaining 25 percent minority share holding in MacGregor-Kayaba Ltd in Japan. After the transaction, Cargotec's ownership in the company will increase from 75 percent to 100 percent. The transaction is expected to close during the Q2 quarter 2010. The parties have agreed not to disclose the transaction value.
MacGregor-Kayaba Ltd was established in 1996 as a joint venture for engineering and sales of marine equipment. The company employs 100 people and its turnover is approximately EUR 160 million.
"This is an interesting opportunity for Cargotec to increase our ownership to 100 percent. Building on the existing long-term relationship with the customers, Cargotec is ideally positioned to grow MacGregor-Kayaba's business and better serve customer demand for high-quality products for maritime transportation and offshore industries in the Japanese market," says Pasi Lehtonen, Senior Vice President, Finance, Marine, Cargotec.
For further information please contact:
Pasi Lehtonen, Senior Vice President, Finance, Marine, tel. +358 204 55 4611
Minna Karhu, Vice President, Communications, tel. +358 204 55 4630
Further information for investors:
Eeva Sipilä, CFO, tel. +358 204 55 4281
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor 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 2.6 billion in 2009 and it employs more than 9,500 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com