Cargotec Agrees to Divest its Stake in Consolis
9/21/2005 8:28 AM|
September 21, 2005
Cargotec has signed an agreement to divest its 42% minority stake in the precast concrete element manufacturer Consolis to a consortium of institutional investors represented by the European Private Equity firm Industri Kapital, certain co-investors and management. The price for Cargotec's stake is approximately EUR 80 million, which clearly exceeds the book value. The divestment is subject to the buyer's financing arrangements. The closing is expected to take place during the fourth quarter 2005 when the effects also will be booked in Cargotec's financial statements.
"Following many years of hard work in developing Consolis together with the main owner Industri Kapital, the company now stands firmly positioned in its traditional markets and with exciting growth opportunities in the Eastern European markets. As we focus on our core business of cargo handling solutions, we believe it is the time for us to let Industri Kapital develop Consolis further", states Cargotec's Senior Executive Vice President and CFO Kari Heinistö.
"The combination of the activities of Consolis and Bonna Sabla which follows from this transaction will create a leading pan-European precast concrete solutions provider and is a classical example of Industri Kapital's buy and build strategy. We look forward to working together with the management teams of both Bonna Sabla and Consolis in achieving further operational excellence", says Michael Rosenlew, Partner at Industri Kapital.
Consolis is the largest precast concrete based solution provider and manufacturer of structural precast concrete elements in Europe. The company has 51 factories and operates in 11 countries: Finland, Sweden, Norway, Germany, the Netherlands, Estonia, Russia, Latvia, Lithuania, the Czech Republic and Poland. In 2004 Consolis had net sales of EUR 646 million and employed approximately 5,100 employees.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, Cargotec, tel. +358 204 55 4542
Michael Rosenlew, Partner, Industri Kapital, tel. +46 8 678 9525
Eeva Mäkelä, SVP, Investor Relations and Communications, Cargotec, tel. +358 204 55 4281
Anne Holm Rannaleet, Partner and Information Director, tel. +46 8 678 9550
Cargotec Corporation is the world's leading provider of cargo-handling solutions for ships, ports, terminals and local distribution. Its three business areas, Kalmar, Hiab and MacGREGOR operate in materials hubs. Net sales of Cargotec were approximately EUR 1.9 billion in 2004. The company has approximately 7,300 employees and operates in over 140 countries. Cargotec's class B shares are listed on the Helsinki Stock Exchange.