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Press Release

Cargotec to Establish Offshore Division within MacGREGOR

01/06/2007

Cargotec's MacGREGOR business area providing marine cargo handling solutions has established a new division, MacGREGOR Offshore. The acquired companies, Norwegian Hydramarine and Singaporean Plimsoll will be the foundation for the new division. The offshore division will be headed by Henrik Vildenfeldt who previously worked as SVP, Corporate Development at MacGREGOR. Vildenfeldt reports to Olli Isotalo, President of MacGREGOR. The new division employs approximately 700 people. In 2006, Hydramarine and Plimsoll had a combined turnover of approximately EUR 100 million and an order backlog of EUR 175 million. Both Hydramarine and Plimsoll are included in MacGREGOR financials as of the beginning of April 2007.
 
The new offshore division will focus on achieving targeted synergies from the combination of Hydramarine and Plimsoll and continue to build on future growth. The division serves customers globally and concentrates in its R&D in solutions that support the customers' business in offshore industry. Also the offshore service companies Grampian and Vestnorsk Hydraulikkservice will support MacGREGOR's offshore operations.
 
Hydramarine and Plimsoll focus on the development of hydraulic and electrical deck machinery equipment for ship owners, yards and operators. Products such as large active heave compensated cranes, davits, winches and subsea load handling solutions are installed on various kinds of offshore supply vessels and rigs. Hydramarine concentrates on the offshore business in North Sea and US Gulf whereas Plimsoll is one of the major deck equipment suppliers in the Asia Pacific region.
 
In addition to the Offshore division MacGREGOR consists of Dry Cargo division, Bulk Handling division, Crane division as well as RoRo division and Service division.
 
 
Sender:
Cargotec Corporation
 
Kari Heinistö
Senior Executive Vice President and CFO
 
Eeva Mäkelä
SVP, Investor Relations and Communications
 
For further information, please contact:
Henrik Vildenfeldt, General Manager, Offshore Division, MacGREGOR, tel. +45 4032 0959
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