Cargotec becomes majority shareholder in Malaysian joint venture
CARGOTEC CORPORATION, PRESS RELEASE, 15 DECEMBER 2010 AT 14 PM (EET)Cargotec has become a majority shareholder in Kalmar (Malaysia) Sdn. Bhd. by increasing its ownership in the company from 50.0 to 69.9 percent. The deal is subject to regulatory approvals and is expected to close by the end of 2010. The parties have agreed not to disclose the transaction value.
Kalmar Malaysia is a joint venture established in 2000. Collin Swee has been involved in the business from the beginning and he continues as Managing Director of Kalmar Malaysia. The company's annual sales are approximately EUR 12 million and it employs 125 people. Kalmar Malaysia is the leading supplier of port equipment systems and services to Malaysian ports.
"Increasing our ownership in Kalmar Malaysia underscores our continuing commitment to invest in the Asia-Pacific market, which has experienced quantum growth in port terminal development during the last 15 years. This transaction gives better possibilities for Cargotec to pursue major crane refurbishment and upgrade projects, and improves our opportunities for growth also in the future," says Ken Loh, Executive Vice President, APAC, Cargotec. Further information for the press:
Ken Loh, Executive Vice President, APAC, tel. +85229429165
Anne Westersund, Vice President, Communications and Marketing, Cargotec, tel. +358 204 55 4460
Further information for investors:
Paula Liimatta, Investor Relations Manager, tel. +358 204 55 4634Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's daughter brands,Hiab, Kalmar and MacGregorare recognisedleadersin 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 2.6 billion in 2009 and it employs approximately 9,800 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki.