Cargotec refines its strategy and reconfirms financial targets
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 20 SEPTEMBER 2010 AT 10:00 AM (EEST)
Cargotec Corporation has decided on its strategic priorities and reconfirms the financial targets based on the strategy.
During the past years Cargotec has transformed from separate organisations to one Cargotec with strong brands. The refined strategy is a natural continuation of this work and the strategy explains the focus of operations in the coming years.
"A clear focus, meaning a prioritised set of actions and allocation of resources, is the key to strengthen our market leadership in the coming years. We aim to grow faster than the industry on average. We are determined to grow our business by customer focus, and segmentation will guide our business development in the future. In addition to customer focus, we expect to achieve growth by expanding our presence and offering especially in the emerging markets and in the service business. Cargotec will also be further developed to a more efficient world-class company and we will improve our ways of working through aligned processes and increasing internal clarity," says Cargotec's President and CEO Mikael Mäkinen.
Summary of Cargotec's focus:
· Emerging markets
The financial targets for Cargotec have been reconfirmed based on the strategy. The targets reflect the growth expectations of Cargotec's industry as well as actions that have been implemented or that will be implemented by the Company.
Cargotec's reconfirmed financial targets:
· Annual sales growth exceeding 10 percent (incl. acquisitions)
· Raising operating profit margin to 10 percent
· Gearing below 50 percent (over the cycle)
· Dividend 30-50 percent of earnings per share
Capital Markets Day on 21 September in Stargard Szczeciński, Poland
Cargotec will arrange a Capital Markets Day for investors and analysts on Tuesday, 21 September 2010 at Cargotec's new multi-assembly unit in Stargard Szczeciński, Poland. The refined strategy and reconfirmed financial targets will be discussed at the event. Presentations will be available on the same day at 10.00 am Finnish time (EEST) at www.cargotec.com.
For further information please contact,
Mikael Mäkinen, Cargotec President and CEO, tel. +358 204 55 4262
Anne Westersund, Vice President, Marketing and Communications, tel. +358 20 455 4460
Further information for investors:
Paula Liimatta, Investor Relations 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 approximately 9,500 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com