Cargotec signs a letter of intent with Komas to develop a long-term sourcing partnership
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 30 NOVEMBER 2011 AT 2 P.M. (EET)
Cargotec and Komas have signed a letter of intent which outlines the guidelines for deepening the companies' cooperation as a long-term sourcing partnership. The preliminary agreement includes a planned transaction by which Komas would acquire Cargotec's component manufacturing operations in Narva, Estonia. The parties have agreed not to disclose the value of the planned transaction, which is expected to take place during the coming months.
The cooperation and potential transaction would support Cargotec's approach to focus on its core activities. Today, Narva is its only production unit focusing solely on component manufacturing.
Komas is already one of Cargotec's preferred suppliers of steel structures. By deepening this relationship, Cargotec will secure a recognised partner for the supply of components.
Cargotec employs approximately 370 people in Narva. Based on the preliminary plan, all employees would transfer to Komas, which plans to continue operations in the existing premises. Cargotec would remain a key customer of the plant.
Further information for the press:
Mika Selänne, Vice President Operations EMEA, tel +358 40 566 8199
Anne Westersund, Vice President Communications and Marketing, tel: + 358 20 777 4460
Further information for investors:
Paula Liimatta, Investor Relations Manager, tel. +358 20 777 4084
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 2010 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV www.cargotec.com
Komas is a system supplier for the engineering industry. Its operations cover machining, assembly, hydraulics and logistics services. The company has facilities in nine Finnish municipalities and factories in Poland and China. The head office is located in Jyväskylä. The Komas Group employs approx. 1,200 people and its turnover in 2010 was approx. MEUR 120.