3/16/2006 8:12 AM|
Stock Exchange Release, March 16, 2006 at 9:30 a.m. Finnish time
Kalmar, the business area providing container handling solutions within Cargotec, has signed an agreement to acquire the business of East Coast Cranes and Electrical Contracting Inc. (ECC), a US company specializing in crane construction services and maintenance in ports.
ECC has over 100 employees working in ports mainly on the US East Coast and Gulf ports. The company is also carrying out growing project-based business in various ports on the US West Coast, Caribbean and in Latin America. The net sales of the company were close to USD 25 million in 2005.
The acquisition expands Kalmar's service offering in the Americas and creates a stronger platform to develop its port business further. "The acquisition of ECC is an excellent fit in our strategy to grow our service business. It clearly strengthens our presence in US ports while also improving our capacity to service various types of port equipment," says Kalmar President Christer Granskog.
The President and founder of ECC James (Jim) Anastasio will continue as President and further develop the company together with his management team and employees. "In order to keep growing, we needed to find a strong partner to bring expertise and resources. I am delighted to start working with Kalmar," states ECC President Jim Anastasio.
The closing of the agreement is expected to take place within a month. The parties have agreed not to disclose the details of the transaction.
Senior Executive Vice President and CFO
SVP, IR and Communications
For further information, please contact:
Christer Granskog, President, Kalmar, tel. +358 (0)204 55 4776
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 (0)204 55 4281
Cargotec Corporation is the world's leading provider of cargo handling solutions, which are used in local transportation, terminals, ports, distribution centers, and ships. Cargotec's operations are divided into three strong, global business areas: Hiab, Kalmar, and MacGREGOR, each of which is the market leader in its own segment. In 2005 Cargotec's net sales exceeded EUR 2.3 billion. The company employs some 7,500 people and has activities in more than 160 countries. Cargotec's class B shares are listed on the Helsinki Stock Exchange.