Cargotec to proceed with listing of Marine in Asia and change of governance model
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 17 SEPTEMBER 2012 at 10 a.m. (EEST)
Cargotec's Board of Directors has concluded that a separate listing of Marine business area provides an opportunity to accelerate growth and value creation of the business. The Board has decided to proceed with the preparations for a separate listing of Marine in Asia latest by the second half of 2013 subject to market conditions. Cargotec will retain a majority stake in the listed subsidiary.
To strengthen its all three business areas' leading position, Cargotec will develop its governance model towards an organisation driven by three business areas: Marine, Terminals and Load Handling. The change in governance model will enable faster decision-making, improve efficiency and ensure better focus in improving profitability within Terminals and Load Handling.
As part of the change Cargotec plans to operationally integrate its Services business area and Region EMEA (Europe, Middle East and Africa) into Marine, Terminals and Load Handling business areas. The role of Cargotec's corporate functions is also planned to be restructured to enable more independent businesses.
As a result of the changes, Cargotec plans to adjust its operations accordingly and has started to plan restructuring measures. More information about the measures will be communicated during the coming weeks.
Cargotec's external financial reporting remains unchanged with the three business areas Marine, Terminals and Load Handling comprising the reporting segments.
A conference call for investors, analysts and media, during which questions may be presented regarding today's announcement, will be held in English on 17 September 2012 starting at 11.30 am (EEST). The conference call will be hosted by Cargotec's President and CEO Mikael Mäkinen and Executive Vice President, CFO Eeva Sipilä.
To register as a participant for the teleconference, please dial ten minutes before the beginning of the conference: US callers: +1 334 323 6203, other callers: +44 20 7162 0125, access code Cargotec/922558.
A replay of the conference will be available for two days until midnight on 19 September 2012, in the following numbers: US callers +1 954 334 0342, other callers +44 20 7031 4064, access code Cargotec/922558.
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