Cargotec strengthens Executive Board presence in Asia
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 7 DECEMBER 2010 AT 2:30 PM (EET)
Cargotec informed in September that as part of its refined strategy, the company will prioritise actions and allocate resources to emerging markets and strengthening customer focus globally. At the beginning of 2011, Pekka Vauramo, Chief Operating Officer (COO) and Deputy to CEO will relocate to Hong Kong to drive Cargotec's development initiatives in Asia-Pacific (APAC).
"As the balance of world trade is shifting to Asia, we cannot lead business from the other side of the world. Our strategy requires a strong local presence, so that we can strengthen our market leadership and grow faster than the industry on average. In 2011, two of our Executive Board members will be located close to our customers in the emerging markets," says Mikael Mäkinen, Cargotec's President and CEO.
Ken Loh, Executive Vice President and head of Cargotec's Asia-Pacific region, will continue to be responsible for Cargotec's operations in APAC.
Over one third of Cargotec's sales comes from of Asia-Pacific region and Cargotec employs approximately 2,500 persons in nine countries in the region. The company's Asian production units are located in China, India, Korea, Malaysia and Singapore. Part of manufacturing has been outsourced to partner plants, which are mainly located in Asia.
Further information for the press:
Mikael Mäkinen, President and CEO, tel. +358 204 554243
Pekka Vauramo, COO and Deputy to CEO, tel. +358 204 554292
Anne Westersund, Vice President Communications and Marketing, Cargotec, tel. +358 204 554460
Further information for investors:
Paula Liimatta, Investment Relations Manager, tel. +358 204 554634
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 9,800 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com