Cargotec to start share repurchases
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 5 MARCH 2010 AT 2.15 P.M. (EET)
Cargotec's Board of Directors has decided to exercise the authorisation of the Annual General Meeting on 5 March 2010 to repurchase the Company's own shares. The repurchases will start on 22 March 2010 at the earliest.
The maximum amount of own shares to be acquired will be less than 10 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 may be repurchased. Currently, there are 2,959,487 class B shares in the Company's possession.
Class B shares will be purchased at public trading in the NASDAQ OMX Helsinki Ltd. 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 NASDAQ OMX Helsinki Ltd. on the purchase date.
For further information, please contact:
Outi Aaltonen, Senior Vice President, General Counsel, Secretary to Board of Directors,
tel. +358 204 55 4249
Eeva Sipilä, CFO, tel. +358 204 55 4281
Minna Karhu, Vice President, Corporate Communications, tel. +358 204 55 4630
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