Cargotec to Start Share Repurchases
Cargotec's Board of Directors has decided to exercise the authorization of the Annual General Meeting on February 29, 2008 to acquire the Company's own shares. The purchases will at the earliest start on March 17, 2008.
The maximum amount of own shares to be acquired will be less than ten percent of the Company's share capital and total voting rights. This corresponds to a maximum of 6,400,000 shares so that a maximum of 952,000 class A shares and 5,448,000 class B shares can be acquired.
In accordance with the authorization the shares will be acquired in order to develop the capital structure of the Company, finance or carry out possible acquisitions, implement the Company's share-based incentive plans, or to be transferred for other purposes or to be cancelled.
Class B shares will be purchased at public trading in the OMX Nordic Exchange Helsinki at the market price. Class A shares will be purchased outside the Stock Exchange at the price equivalent to the average price of class B shares paid in the OMX Nordic Exchange Helsinki on the purchase date. Share repurchases will be published on the transaction days through stock exchange announcements. Information on repurchased shares is also available on the Company's internet pages at www.cargotec.com/investors.
Cargotec currently has 1,904,725 class B shares in its possession.
For further information, please contact:
Kari Heinistö, Deputy CEO, tel. +358 204 55 4256
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.