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Stock Exchange release

Cargotec’s Development Continues – Deputy CEO Kari Heinistö to Lead Change Programme

1/31/2008

Press Release, January 31, 2008 at 8.03 a.m. Finnish time

Cargotec will launch a change programme, On the Move, to support its strategy implementation. The programme is aimed at taking advantage of Cargotec’s knowledge and scale by establishing a way of working that supports the change in the company’s business environment in which the share of services and emerging markets is increasing. Cargotec’s strong order book and growth enable transforming the way of working as part of continuous development of operations. A profitability improvement of EUR 80-100 million is targeted through the change programme. Essential in the improvement target is enabling profitable growth through a more efficient structure and way of working. 

The change programme On the Move will be lead by Deputy CEO Kari Heinistö (49). He continues as deputy to President and CEO Mikael Mäkinen, member of the Executive Board and secretary to Cargotec’s Board of Directors. In addition, Kari Heinistö continues to be responsible for corporate development, M&A, IT and legal issues at Cargotec. Of his previous responsibilities accounting, finance and risk management will transfer to Eeva Mäkelä, who has been appointed as CFO. 

”A change that affects the whole company requires significant management time for supporting the process. By appointing Kari Heinistö to lead the change programme I want to ensure that the programme receives all the necessary support and resources. This change enables us to continue our growth strategy where we target further strong growth in new markets. We have invested in expanding our global presence and knowhow as well as developing of our service business. In addition, the number of personnel has grown rapidly. Nevertheless, our way of working has largely remained unchanged. With the change programme we want to ensure that we operate in an optimal way in our future business environment” states Cargotec’s President and CEO Mikael Mäkinen. 

The change programme will consist of several projects to consolidate scattered support functions, such as HR, IT, finance and communications, and to harmonize operations at the customer interface between business areas. In addition, a common way of working will be established for global supply chain development. This will form the basis for expanding Cargotec’s production and assembly capacity as well as sourcing network in emerging markets. The programme’s primary target is to enable increased closeness and time devoted to customers.

Sender:
Cargotec Corporation

Kari Heinistö
Deputy CEO

Eeva Mäkelä
SVP, Investor Relations and Communications

For further information, please contact:
Mikael Mäkinen, President and CEO, tel. +358 204 55 4262
Kari Heinistö, Deputy CEO, tel. +358 204 55 4256
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281

Cargotec improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec’s brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea – wherever cargo is on the move. Extensive repair and maintenance services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec’s sales are EUR 3 billion and the company employs over 11,000 people. Cargotec’s class B shares are quoted on the OMX Nordic Exchange Helsinki.

www.cargotec.com