Cargotec Strengthens its Presence in India
Cargotec has made an agreement to acquire Indital Construction Machinery Ltd. (Indital) a company based in Bangalore, India. The acquisition creates manufacturing presence in India for Cargotec and supports the growing sales activities of all three of Cargotec's business areas. Indital has its manufacturing facility in Bangalore, producing container reach stackers, heavy fork lift trucks and mobile cranes used for loading trucks (pick-and-carry). Cargotec's ownership will be 95 percent. The parties have agreed not to disclose the transaction value. The transaction is subject to authority approval.
Indital has engineering skills finetuned to suit the local customer requirements. It has a nationwide customer base in seaports, inland container depots and steel industry. Indital has an extensive supply network in India. The company's operations employ approximately 100 people of which 60 are directly employed by Indital and the rest work through labour providers. Indital net sales are approximately EUR 8 million. The present owner of Indital, Mr. Ravi Kumar, will continue as the Managing Director
Cargotec's operations in India currently consist of Kalmar's subsidiary Kalmar India and Hiab's representative office, while MacGREGOR has served Indian customers through an agent.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, tel. +358 204 55 4256
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 2.6 billion. The company employs close to 9,000 people and operates in approximately 160 countries. Cargotec's class B shares are quoted on the Helsinki Stock Exchange.