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Stock Exchange release

Cargotec develops its governance model further and strengthens service business' role across the company

3/23/2010

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 23 MARCH 2010 AT 10:00 A.M. (EET)

 

Cargotec's governance model has been further developed resulting in changes in the responsibility areas of three Executive Board members as of 1 April 2010.

 

Cargotec has appointed Pekka Vauramo Chief Operating Officer (COO) and he continues as Deputy to CEO. Previously, he led the Industrial & Terminal business area. In his new role Pekka Vauramo is responsible for Cargotec's three business areas and Cargotec Regions.

 

As of 1 April 2010 Cargotec's businesses will be reorganised into three business areas: Marine, Industrial & Terminal and Services. Cargotec's financial reporting will as earlier announced be based on two reporting segments Marine and Industrial & Terminal. In financial reporting the Services business will be included in the figures of these two reporting segments while its sales will continue to be reported as additional information.

 

The development of services in both Marine and Industrial & Terminal segments will be driven by a joint Services organisation. Stefan Gleuel, who previously led Service Solutions in the Industrial & Terminal business area, has been appointed Executive Vice President, Services.

 

The Industrial & Terminal organisation will encompass the previous Product Solutions organisation, and Unto Ahtola, who was previously responsible for Product Solutions, Industrial & Terminal, has been appointed to lead the Industrial & Terminal business area as Executive Vice President.

 

For further information please contact:

 

Mikael Mäkinen, President and CEO, tel. +358 204 55 4262

Minna Karhu, Vice President, Corporate Communications, tel. +358 204 55 4630

Further information for investors:

Eeva Sipilä, CFO, tel. +358 204 55 4281

Paula Liimatta, IR Manager, tel. +358 204 55 4634

 

 

Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 2.6 billion in 2009 and it employs more than 9,500 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com