2/28/2006 3:45 PM|
Stock Exchange Release, February 28, 2006 at 3.45 p.m. Finnish time
Cargotec's Board of Directors has decided to exercise the authorization of the Annual General Meeting on February 28, 2006 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 6,391,000 shares so that a maximum of 952,000 class A shares and 5,439,000 class B shares can be repurchased.
In accordance with the authorization the shares will be repurchased in order to develop the capital structure of the Company, finance or carry out possible acquisitions, implement the Company's share-based incentive plans, or to be transferred for other purposes or to be cancelled.
Class B shares will be purchased at public trading in the Helsinki Stock Exchange at the market price. Class A shares will be purchased outside the Stock Exchange at the price equivalent to the average price of class B shares paid in 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 March 10, 2006.
Senior Executive Vice President and CFO
SVP, IR and Communications
For further information, please contact:
Kari Heinistö, Senior Executive Vice President and CFO, tel. +358 (0)204 55 4542
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.