Cargotec Reverses MacGregor’s Separate Listing

Cargotec has decided to reverse earlier plans to separately list its MacGregor business, as said in a press release on Friday.

 
“Cargotec’s Board of Directors expects that shareholder value will be best created by fully focusing on the integration of newly acquired businesses into MacGregor and by delivering profitable growth within the new MacGregor as part of the overall Cargotec portfolio,“ the company said.

MacGregor is seen as a key value driver for Cargotec with a broad range of competitive solutions. The existing strategy is successfully implemented by growing its merchant business and entering to additional offshore markets with its two recent acquisitions Hatlapa and Aker Solutions’ former mooring and loading systems unit.

“We have decided to reverse earlier plans to separately list MacGregor business. We focus on delivering profitable growth within the new MacGregor as part of the overall Cargotec portfolio,” Cargotec’s President and CEO Mika Vehviläinen said.

Based on Cargotec’s January-June 2014 interim report, market activity remained brisk, but orders for the second quarter growing in all business areas.

“Both Kalmar and Hiab had strong order intake compared to the previous quarters. In MacGregor, recent acquisitions supported the growth in orders compared to the comparison period.

Due to a previously announced cost overrun in Kalmar projects, operating profit for the second quarter was unsatisfactory. As expected, MacGregor and Hiab saw positive profit development,” Vehviläinen added.

[mappress]
Press Release, July 21st, 2014