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Press Release

Cargotec Acquires Offshore Service Company

5/14/2007

Cargotec's MacGREGOR business area providing marine cargo handling solutions has signed an agreement to acquire Vestnorsk Hydraulikkservice AS (VNH) from Norway. VNH is a service and turn-key system supplier to the offshore and marine industries. The acquisition is subject to competition authority approval.
 
"The recently acquired Hydramarine and Plimsoll have widened our offering in the growing offshore vessel segment. The acquisition of VNH will support them from a service point of view. At the same time it strengthens our North Sea service strategy. Last year we acquired Scottish Grampian Hydraulics which is specialized in hydraulics and spare parts service of offshore support vessels in the North Sea. The acquisition of VNH secures MacGREGOR service offering on both sides of the North Sea," states MacGREGOR President Olli Isotalo.
 
The net sales of VNH are approximately EUR 5 million and the company employs 21 people. About 80 percent of its net sales derive from service, the rest from various hydraulic turn-key projects. Vestnorsk Hydraulikkservice AS is today owned by Vestnorsk Holding AS.
 
Sender:
Cargotec Corporation
 
Kari Heinistö
Senior Executive Vice President and CFO
 
Eeva Mäkelä
SVP, Investor Relations and Communications
 
For further information, please contact:
Ismo Matinlauri, Director, Business Development, MacGREGOR (FIN) Oy,
tel. +358 2 4121 308
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281
 
Cargotec is the world's leading provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centers and local transportation. Cargotec Corporation's brands, Hiab, Kalmar and MacGREGOR, are market leaders in their fields and well-known among customers all over the world. Cargotec's net sales are EUR 2.7 billion. The company employs approximately 9,000 people and operates in close to 160 countries. Cargotec's class B shares are quoted on the Helsinki Stock Exchange.
 
www.cargotec.com