Cargotec

Cargotec Corporation
Traded as Nasdaq Helsinki: CGCBV
Industry Industrial machinery
Founded 2005
Headquarters Helsinki, Uusimaa, Finland
Area served
 Worldwide
Key people
  • Ilkka Herlin (Chairman)
  • Mika Vehviläinen (President and CEO)
  • Mikko Puolakka (CFO)
Products MacGregor: hatch covers, lashing systems, cargo handling cranes, RoRo equipment, winches and offshore load handling systems.
Kalmar: automation and integration solutions for terminals, ship-to-shore and yard cranes, straddle and shuttle carriers, reachstackers, empty container handlers, terminal tractors and forklift trucks. TOS, spreaders and bulk handling systems.
Hiab: loader cranes, forestry and recycling cranes, demountables, truck-mounted forklifts and tail lifts [1]
Revenue
  • Decrease €3.514 billion (2016)
  • €3.729 billion (2015)
  • Decrease €198 million (2016)
  • €213 million (2015)
Profit
  • Decrease €126 million (2016)
  • €143 million (2015)
Total assets
  • Increase €3.736 billion (2016)
  • €3.571 billion (2015)
Total equity
  • Increase €1.395 billion (2016)
  • €1.339 billion (2015)
Number of employees
 11,055 (july 2017)[2]
Website www.cargotec.com

Cargotec Oyj is a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution. Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new KONE[3].

After the split, Kone Corporation’s container handling (Kalmar Industries AB), load handling (HIAB) and marine cargo handling (MacGregor) business units formed Cargotec. However, the businesses within Cargotec have much longer histories and have been formed through a series of mergers and acquisitions over several decades.[4]

At the end of 2015, Cargotec had approximately 11,000 personnel working in over 100 countries.

Cargotec's major shareholders are the heirs of Pekka Herlin, who founded Kone Corporation. Current (since July 12, 2005) Chairman of the Cargotec's Board of Directors is Ilkka Herlin[5].

Business areas

Kalmar products and services are used in ports, terminals, distribution centers and in the heavy industry. Kalmar products include forklifts, terminal tractors, quay cranes, yard cranes, ASCs, shuttle and straddle carriers, reachstackers and equipment for empty container handling. Lately, Kalmar has invested in terminal automation and in energy-efficient container handling.[6]

Hiab products, service and spare parts are used in on-road transport and delivery. The product portfolio includes loader cranes, demountable, forestry cranes, recycling cranes, truck-mounted forklifts, and tail lifts.[7]

MacGregor focuses on engineering solutions and services for handling marine cargos and offshore loads. MacGregor products are used in maritime transportation, offshore and naval logistics markets, in ports and terminals as well as on board ships.[8]

A few years back, Cargotec prepared a separation and possible listing of MacGregor in Singapore. Due to market conditions and focusing on integration of major acquisitions, Cargotec's Board of Directors decided in October 2013 to delay the listing.[9]

History

Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new KONE. After the split, Kone Corporation’s marine cargo handling (MacGregor), container handling (Kalmar Industries AB) and load handling (HIAB and Moffett, the latter being based in Ireland and acquired in 2000) business units formed Cargotec. However, the businesses within Cargotec have much longer histories and they have been formed through a series of mergers and acquisitions during several decades.

Cargotec's Kalmar business area started to take shape in 1997 when Partek Corporation acquired the Finnish state-owned Sisu Ltd including its terminal tractor business. During the same year, Partek acquired a major shareholding in Kalmar Industries Ltd, a container handling equipment producer.[10]

The foundations of Cargotec’s Hiab business area were laid in 1977 when Partek Corporation bought Multilift Group. In 1985, Partek acquired Hydrauliska Industrier Ltd (Hiab) and Jonsered forestry cranes. A couple of years later Partek strengthened its forestry crane expertise by acquiring that particular business line from Fiskars. Several business acquisitions in 2000 enforced the load handling business. In 2004, the name Hiab was taken into use for the whole load handling business in Cargotec.[11]

MacGregor originates from England where it started to serve shipping companies and shipyards in 1937. The marine cargo business of the company in a broader meaning started in 1983 when MacGregor merged with the Finnish Navire. In 1993 Incentive acquired MacGregor-Navire and merged it with Hägglunds Marine. In 1998, the majority of MacGregor was sold to Industri Kapital. In 2005, Cargotec bought MacGregor International AB, the global marine cargo flow solutions provider, to strengthen the company’s cargo handling offering. Several mergers and acquisitions have taken place since to further strengthen MacGregor.[12]

Ownership

The major shareholders of Cargotec are Pekka Herlin’s heirs Ilkka Herlin (Wipunen varainhallinta oy), Niklas Herlin (Mariatorp Oy) and Ilona Herlin (D-Sijoitus Oy) each managing over 22% of votes.[13]

References

  1. ↑ https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?showInline=true&messageAttachmentId=547181
  2. ↑ https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?showInline=true&messageAttachmentId=547180
  3. ↑ http://www.kone.com/corporate/en/company/history/demerger/Pages/default.aspx]
  4. ↑ "Mika Vehviläinen to be Cargotec's new CEO as of 1 March 2013". omxgroup.com. Retrieved 3 April 2014.
  5. ↑ http://www.cargotec.com/en-global/investors/Shareholders/Pages/default.aspx
  6. ↑ http://www.kalmarglobal.com/about-us/
  7. ↑ https://www.hiab.com/en/company/
  8. ↑ http://www.macgregor.com/en-global/macgregor/about-us/Pages/default.aspx
  9. ↑ "Cargotec’s financial statements review 2013: orders and cash flow strengthened towards the year-end". CARGOTEC. 4 February 2014. Retrieved 5 June 2014.
  10. ↑ http://www.kalmarglobal.com/
  11. ↑ http://www.hiab.com/
  12. ↑ http://www.macgregor.com
  13. ↑ http://www.cargotec.com/en-global/investors/Shareholders/Pages/default.aspx
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