Cargotec to evaluate listing of Cargotec Marine on the Singapore Exchange to secure further growth
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 19 MARCH 2012 AT 9.45 A.M. EET
Cargotec Corporation's Board of Directors has decided to initiate evaluation of a listing of Cargotec Marine on the Singapore Exchange. Cargotec Marine, one of Cargotec's three reporting segments, is a global leader offering integrated cargo flow solutions for maritime transportation and offshore industries. Cargotec Marine has approximately 2,100 employees, and in 2011 its sales totalled EUR 1,213 million.
The Board of Directors believes that a listing of Cargotec Marine as an independent company on the Singapore Exchange would strengthen its business presence in Asia and secure profitable growth. Already today more than 70 percent of Cargotec Marine's sales are generated in Asia-Pacific. A strong presence in Singapore could open new business opportunities especially in offshore. It is currently envisaged that Cargotec Corporation would own the majority of Cargotec Marine, which would remain consolidated to Cargotec Corporation following the possible listing.
"Cargotec's strategy drives towards customer solutions. We are determined to grow our business through improved customer focus with a vision to be the world's leading provider of cargo handling solutions. The listing of Cargotec Marine would enable improved focus and provide new opportunities also for Cargotec's Terminals and Load Handling segments thus increasing overall shareholder value of Cargotec," says Mikael Mäkinen, President and CEO.
Cargotec has secured the services of two major global investment banks to advise on the evaluation. The Board of Directors expects the evaluation be completed by the end of the third quarter 2012.
For further information please contact:
Mikael Mäkinen, President and CEO, tel. +358 20 777 4101
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Anne Westersund, Vice President, Communications and Marketing, tel. +358 20 777 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 3.1 billion in 2011 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com