CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 2 OCTOBER 2012 at 10 a.m. (EEST)
To strengthen its three business areas' leading position, Cargotec announced in September that it will develop its governance model towards an organisation driven by three business areas Marine, Terminals and Load Handling. The role of Cargotec's global support functions and corporate functions is planned to be restructured towards a holding type of company structure to enable more independent businesses.
In order to adjust to the new operating model and to improve Cargotec's profitability, Cargotec starts employee cooperation negotiations about possible reduction of work force with the entire personnel. According to Cargotec's initial estimate, the planned measures could result in the reduction of approximately 245 man-years globally of which 130 in Finland, 35 in Sweden and 80 in other countries. In the other countries possibly affected, the plans will be communicated and negotiated locally. The planned measures could also result in changes in work duties as well as transfers from duties to other ones in all personnel groups.
Further information for the press:
Mikael Mäkinen, President and CEO, tel. +358 20 777 4100
Anne Westersund, Vice President Communications and Marketing, tel: + 358 20 777 4460
Further information for investors:
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4104
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 3.1 billion in 2011 and it employs approximately 10,500 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com