Mikael Mäkinen Appointed New President and CEO of Cargotec Corporation

2/9/2006 7:15 AM|

Stock Exchange Release, February 9, 2006 at 8.35

Cargotec Corporation's Board of Directors has in its meeting on February 8, 2006 appointed Mr. Mikael Mäkinen, M.Sc. (Eng.) Naval Architect, as the new President and CEO of Cargotec Corporation. Mikael Mäkinen will start at Cargotec on April 1, 2006 and become President and CEO on May 1, 2006. He succeeds the current President and CEO Carl-Gustaf Bergström who will retire.

Mikael Mäkinen (b. 1956) is currently Executive Vice President of Wärtsilä Corporation heading its Ship Power Business. He has headed the Ship Power Business since 1999. Prior to that Mikael Mäkinen was Managing Director of Wärtsilä NSD Singapore in 1997-1998, Vice President, Marine in France in 1992-1997 and Area Director, Marine, Asia in Singapore in 1989-1992. Mäkinen has been employed by Wärtsilä since 1982.

"Cargotec is the global market leader in cargo handling. Our strategic objective is to grow profitably both organically and through acquisitions. Mikael Mäkinen's experience in growing a global business and on the Asian markets is valuable as we continue to expand our presence in the area. In addition, his knowledge on building and leading service business development is of great importance. For several decades Carl-Gustaf Bergström has contributed significantly to the development of Cargotec and its business areas. Cargotec's first phase after the demerger has been successful and gives an excellent basis for the future," states Cargotec's Chairman of the Board of Directors Ilkka Herlin.

"The growth in world trade increases transports and the role of the transport chain, hence, creating an excellent platform for developing Cargotec. Together with the global market leader position of the three business areas this results in a strong foundation for growth and improving profitability," says Mikael Mäkinen.

Cargotec's current President and CEO Carl-Gustaf Bergström will retire in June 2006.

Press conference
Cargotec will host a press conference on the appointment on February 9, 2006 at 11.00 a.m. at its head office Sörnäisten rantatie 23, Helsinki, Finland. Mikael Mäkinen's photo and CV are available on Cargotec's internet pages at www.cargotec.com.

Sender:
Cargotec Corporation

Kari Heinistö
Senior Executive Vice President and CFO

Eeva Mäkelä
SVP, Investor Relations and Communications

For further information, please contact:
Ilkka Herlin, Chairman of the Board of Directors, Cargotec Corporation, tel. +358 (0)204 55 4256
Carl-Gustaf Bergström, President and CEO, Cargotec Corporation, tel. +358 (0)204 55 4253
Mikael Mäkinen, Executive Vice President, Wärtsilä Corporation, tel. +358 (0)10 709 5616

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.

www.cargotec.com