Cargotec Expands into Dry Bulk Handling by Acquiring BMH Marine
Cargotec Corporation, Stock Exchange Release, June 12, 2006 at 11.15 a.m. Finnish time
Cargotec has signed an agreement to acquire BMH Marine AB, a Swedish company specialising in dry bulk handling equipment on ships and at port terminals. The business will become a part of Cargotec's MacGREGOR business area providing marine cargo handling solutions. BMH Marine is currently owned by Swedish-based Catella Private Equity and private shareholders including company management. The debt-free acquisition price is approximately MEUR 32. The acquisition is subject to competition authority approval.
BMH Marine's key offering is handling equipment for bulk terminals and self-unloaders. The key market area is Asia, which represents almost half of sales. Service represents over 30 percent of sales revenue. Year 2006 net sales are estimated to rise close to MEUR 70. BMH Marine employs some 140 people.
"We are very pleased with this agreement. BMH Marine expands our offering into the growing market of dry bulk handling solutions. The company's business model of no own production facilities is an excellent fit into MacGREGOR's business model. With a profitability level similar to MacGREGOR's and strong order book growth during this spring, we expect BMH Marine to support our overall development this year", states Cargotec's President and CEO Mikael Mäkinen.
Senior Executive Vice President and CFO
SVP, IR and Communications
For further information, please contact:
Mikael Mäkinen, President and CEO, tel. +358 204 55 4243
Hans Pettersson, President, MacGREGOR, tel. +46 705 944 865
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281
Cargotec Corporation is the world's leading provider of cargo handling solutions, which are used in local transportation, terminals, ports, distribution centers, and ships. Cargotec's operations are divided into three strong, global business areas: Hiab, Kalmar, and MacGREGOR, each of which is the market leader in its own segment. In 2005 Cargotec's net sales exceeded EUR 2.3 billion. The company employs some 7,700 people and has activities in more than 160 countries. Cargotec's class B shares are listed on the Helsinki Stock Exchange.