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Trade press release

MacGREGOR makes its mark in the Middle East

12/3/2004

MacGREGOR bought by KONE Corporation

MacGREGOR will form the marine cargo handling division within Kone Cargotec, complementing the land-based operations of its Kalmar and Hiab divisions

KONE Corporation has bought MacGREGOR from owners Industri Kapital and Gambro AB for a debt-free price of approximately u201a186 million. MacGREGOR was acquired by Gambro AB in 1994, and Industri Kapital became the majority shareholder in 1998 when it acquired a 60 per cent stake in the company from Gambro AB. During the past two years MacGREGOR has undergone extensive restructuring and has implemented improvement programmes resulting in increased profitability.

KONE Corporation is a global service and engineering company consisting of two business divisions: KONE Elevators & Escalators and Kone Cargotec. Kone Cargotec comprises two business areas, Kalmar and Hiab: Kalmar specialises in container, trailer and heavy industrial handling and Hiab is the leading provider of on-road load-handling solutions. MacGREGOR will form the marine cargo handling division within Kone Cargotec, complementing the operations of Kalmar and Hiab.

The acquisition of MacGREGOR by Kone Cargotec is a compliment to our long history of accomplishments in the global market of marine cargo care and cargo flow solutions, said Hans Pettersson, MacGREGOR president & CEO. By acquiring MacGREGOR, Kone Cargotec also expresses trust in our future professional performance.

The deal is subject to approval by the relevant competition authorities.


For further information contact:

Hans Pettersson, CEO MacGREGOR

Tel: +46 31 850 746

Henrik Vildenfeldt, CFO MacGREGOR

Tel: +46 31 850 747

www.konecorp.com www.macgregor-group.com