7/12/2005 5:02 PM|
July 12, 2005
Cargotec's Board of Directors has decided to exercise the authorization of the Extraordinary Shareholders' Meeting on July 12, 2005 to repurchase the Company's own shares.
The maximum amount of repurchased own shares will be less than ten percent of the Company's share capital and total voting rights. This corresponds to a maximum of 6,367,000 shares so that a maximum of 952,000 Class A shares and a maximum of 5,415,000 Class B shares can be repurchased.
In accordance with the authorization the shares will be repurchased for use in possible acquisitions or in other arrangements as well as to develop the Company's capital structure.
Class B shares shall be purchased at the market price in public trading on the Helsinki Stock Exchange. Class A shares shall be purchased outside the Stock Exchange at a price equivalent to the average paid for class B shares on the Helsinki Stock Exchange at the time of purchase. Share repurchases will be released on the transaction days through stock exchange announcements.
The repurchases will at the earliest start on July 22, 2005.
Senior Executive Vice President and CFO
SVP, Investor Relations and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, tel. +358 204 55 4542
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281
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 and the company has approximately 7,300 employees in over 140 countries. Cargotec's shares are listed on the Helsinki Stock Exchange.