CARGOTEC CORPORATION, PRESS RELEASE, 11 DECEMBER 2009 AT 3 PM EET
Cargotec invests in its North African sales and service network
Cargotec strengthens its sales and service activities in Morocco by acquiring the port service and equipment related part of Maghrepic S.A. business operations. Maghrepic has been Cargotec's dealer representative in Morocco with a long experience in service and spare parts. According to the deal, Cargotec will employ 44 persons, most of whom are service technicians. The acquisition supports Cargotec's aim to grow sales and service activities in Morocco.
The sales of the acquired business in 2010 are estimated to be around EUR 6 million. According to the agreement, El Mati Alem, Maghrepic's founder and president, will continue to own and manage the company's business activities which were not acquired by Cargotec. The parties have agreed not to disclose the purchase price.
"Global port operators and shipping companies have started to invest in Moroccan ports as well as strategically placed greenfield facilities as the country is located at the crossroads of important sea routes and the gateway between Africa and Europe. Cargotec has delivered Morocco Kalmar rubber-tyred gantry cranes as well as won maintenance contracts for container handling equipment. A local set-up will further support Cargotec's ability to serve its customers in the region and act as a springboard for additional business growth in the North Africa", says Mark Williamson, Senior Vice President, Services, EMEA.
Further information for the press:
Mark Williamson, Senior Vice President, Services, EMEA, tel. +31 (0) 10 294 6693
Minna Karhu, Vice President, Communications, tel. +358 (0) 204 55 4630
Further information for investors:
Paula Liimatta, Investor Relations Manager, tel. +358 (0) 204 55 4634
Cargotec improves the efficiency of cargo flows by offering solutions for the loading and unloading of goods on land and at sea - wherever cargo is on the move. Cargotec's main daughter brands for cargo handling Hiab, Kalmar and MacGregor are global market leaders in their fields. Cargotec's global network offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.4 billion in 2008 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com