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Press Release

Cargotec Increases its Presence in South Africa


Hiab, the business area providing load handling solutions within Cargotec has concluded an agreement to acquire the majority of the operations of South African Bowman Cranes (Pty) Ltd, Hiab's long term agent in the region. The deal is subject to the approval of Competition Commission and other relevant authorities of South Africa.
Hiab will together with the current main owner Phakisa Fleet Solution (Pty) Ltd form a joint venture under the name of Hiab (Pty) Ltd.
Bowman Cranes is the market leader in truck related load handling in South Africa. The company supplies, installs and services truck related load handling equipment. Its turnover in 2007 was approx. EUR 18 million and it employs 70 people.
The acquisition strengthens Hiab's position in a growing market in South Africa.
Cargotec Corporation
Eeva Mäkelä
For further information, please contact:
Pekka Vartiainen, President, Hiab, tel. +358 204 55 4264
Eeva Mäkelä, CFO, tel. +358 204 55 4281
Cargotec improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec's brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea - wherever cargo is on the move. Extensive repair and maintenance services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec's sales are EUR 3 billion and the company employs over 11,000 people. Cargotec's class B shares are quoted on the OMX Nordic Exchange Helsinki.
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