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Press Release Cargotec

Employee cooperation negotiations completed in Cargotec's operations in Finland

11/22/2012

CARGOTEC CORPORATION, PRESS RELEASE, 22 NOVEMBER 2012 AT 1:30 P.M. (EET)

On 19 November 2012, Cargotec completed the employee cooperation negotiations launched in October, on the personnel effects in operations in Finland.

As a result of the negotiations, a total of approximately 105 man-years will be reduced in offices and production sites in Finland. By discontinuing temporary agreements, open vacancies that will not be filled and other arrangements, 33 positions will not be continued. In addition, approximately 72 persons will be made redundant in the global support functions, corporate functions, Services business area, region EMEA and Terminals business area. The impacts of these measures are in Tampere units 65 employment contracts terminated, in Helsinki units 31 employment contracts terminated and in Kaarina and Turku units 9 employment contracts terminated.

The measures aim at adjusting Cargotec's operations to its new business-driven operating model and improving profitability.

Cargotec employs approximately 1,000 people in Finland. Negotiations are still underway in the other countries possibly affected by the planned new operating model.


Further information for media:
Anne Westersund, Vice President, Communications and Marketing, tel. +358 20 777 4460

Further information for investors:
Eeva Sipilä, Executive Vice President, Chief Financial Officer, 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 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 3.1 billion in 2011 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com