Cargotec's employee cooperation negotiations end in Tampere, Finland

CARGOTEC CORPORATION, PRESS RELEASE, 23 NOVEMBER 2010 AT 1 PM (EET)

Cargotec has completed cooperation negotiations with its current supply personnel regarding reduction of work force in Tampere, Finland on 22 November 2010. The negotiations resulted in a permanent reduction of 90 employees in the Tampere unit, of whom 10 are office workers. The reductions will take place in phases during the coming 1.5 years. In addition, supply workers' temporary lay-offs in the Tampere unit continue.

"During the negotiations we worked with the personnel to find the best ways to proceed in this situation. For example, we will arrange trainings, and for some employees we can arrange a possibility for an assignment to work abroad. We opened a new multi-assembly unit in Poland this autumn and the competence of the Tampere unit's supply personnel would be beneficial there in different projects when starting up production. In the first phase of reductions, those persons will be affected who cannot be employed in Cargotec's technology and competence centre in Tampere, in the Poland project or as field technicians. For the persons affected, we will search for open vacancies at Cargotec in Finland and abroad. Also cooperation with local companies has started well regarding employment opportunities, since the persons affected are competent employees," says Pekka Vauramo, Deputy to CEO at Cargotec.

These measures are part of the plan to transform Cargotec's Tampere unit into a competence and technology centre and to adjust to the market situation. The company has acquired land in Tampere for the centre.  Cargotec will operate at the current site until the new premises close to Tampere University of Technology are ready in 2013. Cargotec has sold the land and related properties of its Tampere unit to Skanska Talonrakennus Oy. The resulting capital combined with the costs of the above mentioned arrangements has an insignificant impact on the 2010 operating profit. 
The total amount of personnel in Tampere is currently approximately 430 and in Finland 1,300.

Further information for the press:
Pekka Vauramo, Deputy to CEO, tel. +358 204 55 4873
Anne Westersund, Vice President, Communications and Marketing, tel. +358 20 455 4460

Further information for investors:
Paula Liimatta, Investor Relations Manager, tel. +358 20 455 4634

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 approximately 9,800 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com