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Stock Exchange Release

Mikael Mäkinen to head the listing of Cargotec's Marine business in Asia, changes in Executive Board

10/4/2012

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 4 OCTOBER 2012 AT 09:30 A.M. (EEST)

Cargotec's Board of Directors decided in September to proceed with the preparations for a separate listing of Marine in Asia by the second half of 2013 subject to market conditions. In order to support growth and value creation in the listing process, the Board has appointed Cargotec's President and CEO Mikael Mäkinen, M.Sc. (Eng) Naval Architect (55), as President, Marine business area to drive the listing in Asia. The current head of Marine business area, Executive Vice President Pekka Vauramo, has been appointed as Chief Operating Officer in Marine business area.

"Mikael Mäkinen has led a listed company, has eight years of experience in Singapore within the shipbuilding industry, and he has developed Cargotec into a global market leader. These achievements convinced us that Mäkinen has the right competence for this task," states Cargotec's Chairman of the Board of Directors Ilkka Herlin.

"I am excited to meet the challenge to list Marine business in Asia. Pekka Vauramo's experience in operational management as well as of business development in Asia will ensure a successful project," Mikael Mäkinen comments his new position as President, Marine business area.

Tapio Hakakari, Vice Chairman of Cargotec's Board of Directors, will take over as interim President and CEO on 8 October 2012. Cargotec's Board of Directors has decided not to nominate a deputy to him. Cargotec's Board of Directors has started the recruitment process for the new President and CEO.

Cargotec's Executive Board (EB) composition will change to support the new governance model and manage the transformation. As of 8 October 2012, EB members will be interim President and CEO Tapio Hakakari, CFO Eeva Sipilä, business area Presidents Mikael Mäkinen (Marine), Olli Isotalo (Terminals) and Axel Leijonhufvud (Load Handling).

All the above mentioned changes will be effective as of 8 October 2012.

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, 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