The aim is to create “two focused world-leading listed companies”, with Kalmar being “a technology forerunner in container handling and heavy logistics with strong market positions, geared to grow by making the industry electrified and more sustainable” and Hiab being “an industry pioneer in on-road load handling with a strong track record of profitable growth and attractive M&A potential”.

Based on the initial assessment, the board of directors of Cargotec has estimated that the separation of Kalmar and Hiab could unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently. However, the board will only recommend the planned transaction if upon final assessment there is evidence that enhanced shareholder value can be attained.

“The separation of Kalmar and Hiab would be the logical next step in the growth journey,” said Cargotec’s chair of board Jaakko Eskola.

“Kalmar and Hiab serve different customers and have limited cross-selling synergies. Both businesses have ambitious growth plans and we are now assessing if those would be better served as separate standalone businesses,” added Cargotec’s president and CEO Casimir Lindholm. “Kalmar has recently gone through a major transformation to become a more focused business and has an excellent foundation in place to continue to grow independently. Hiab has a proven track record of profitable growth and M&A.”

As announced by Cargotec on 14 November 2022, MacGregor, a provider of cargo and load handling equipment that is currently one of the three business areas of Cargotec, will not be part of Cargotec’s portfolio in the future. Therefore, Cargotec will continue looking for a solution for MacGregor during 2024. If the planned actions are completed, there would be three separate businesses: Kalmar, Hiab and MacGregor.

Cargotec’s intention would be to, initially, separate Kalmar as a new listed company by means of a partial demerger from Cargotec. The planning of this potential partial demerger is intended to be carried out during 2023 and the potential execution and initial separate listing of Kalmar on Nasdaq Helsinki would, if carried out, take place in 2024.

The timeline of the potential transactions is subject to change and subject to, for example, local legal requirements. In the event that the board opts to recommend the partial demerger option as a means to separate Kalmar from the Cargotec group, the proposal would be subject to approval from a general meeting of Cargotec.

Cargotec does not expect the planned separation to cause material disruptions to either business’s operations.

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