Cargotec to start share repurchases
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 8 MARCH 2011 AT 3:40 PM EET
Cargotec's Board of Directors has decided to exercise the authorisation of the Annual General Meeting on 8 March 2011 to repurchase the company's own shares. The repurchases will start on 23 March 2011 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 on 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 on NASDAQ OMX Helsinki Ltd. on the purchase date.
For further information please contact:
Outi Aaltonen, Senior Vice President, General Counsel, Secretary of the Board, tel. +358 204 55 4249
Eeva Sipilä, CFO, tel. +358 204 55 4281
Anne Westersund, Vice President, Communications and Marketing, tel. +358 204 55 4460
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 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com