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Stock Exchange Release

Cargotec appoints Eric A. Nielsen to head MacGregor business area as of 16 September 2013


Eric A. Nielsen, BSc, Mechanical Engineering, MBA (b. 1959) has been appointed President of the MacGregor business area as of 16 September 2013. He will be a member of the Executive Board and reports to President and CEO Mika Vehviläinen.
Eric A. Nielsen has most recently held the position as Executive Vice President of Corporate Development for Joy Global Inc., a leading supplier of large scale mining equipment. He was responsible for the company's mergers and acquisitions and strategic planning activities. Before joining Joy Global Inc., Eric has held different senior executive positions in Terex Corporation and Volvo Construction Equipment. During his career in Volvo he steered the significant growth of the Volvo Excavators business unit, overseeing global marketing, R&D and manufacturing activities with major operations in Korea, China, Germany and the United States.
"MacGregor is heading towards new challenges, and it is time to bring in new executive management to accelerate the growth and renewal. Eric has a strong track record within global machinery and engineering as well as in enhancing performance and growing business. His international background and experience in Scandinavian and Asian business world demonstrate his excellent capabilities to respond to changing customer demands," states Cargotec's President and CEO Mika Vehviläinen.
"MacGregor is a market leader in marine business and has a determined focus to proactively respond to the needs and expectations of the customers. I am very excited to join the MacGregor team and work together with the talented and dedicated members of our global organisation. I strongly believe that there are opportunities and new innovations that will take our performance to even higher level," says Eric A. Nielsen.
"Mikael Mäkinen has headed the preparations to list MacGregor to the Singapore stock exchange and to drive the consolidation of the industry, and he has succeeded well in executing these plans. As per his own decision not to move to Singapore, as the listing would require, Mikael will leave his current position as President of MacGregor on 15 September. He will report to the new President during the transition period. The Board of Directors and I thank Mikael for his dedication in developing Cargotec and its business areas into global market leaders. We all wish him every success in the future," says Mika Vehviläinen.
Eric A. Nielsen's CV and hires image are attached.
Further information for the press:
Mika Vehviläinen, President and CEO, tel. +358 20 777 4101
Anne Westersund, Senior Vice President, Communications and Public Affairs, 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 brands MacGregor, Kalmar and Hiab 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 3.3 billion in 2012 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV.


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