The Finnish manufacturer of handling equipment and Cargotec today announced its decision to spin off the Kalmar brand, which sells the vehicles produced by the group for the port sector, for the intermodal sector, for the maritime and heavy industry. The plan is for activities, Kalmar's debts and liabilities are transferred to the new Kalmar Corporation. It will also be presented application for the admission of Kalmar's Class B shares to the Nasdaq Helsinki stock market. Today's Communication follows those of March 2022 announcing the decision to exit the heavy harbour crane market, in which Kalmar operates, after the waiver of the merger plan with the compatriot Konecranes, which is also active in the sector of handling and lifting equipment, which had been stopped by the British Antitrust Authority ( of 29 and 30 March 2022)

The Scandinavian group specified that after the Kalmar spin-off should have the same ownership structure as Cargotec and that there will be no cross-ownership between Cargotec and Kalmar. In addition, Cargotec pointed out that the Hiab brand, which markets the production of vehicles for the construction, transport and other industrial sectors, will remain within the group, while they will continue to be pursued in the course of 2024 the opportunities to sell MacGregor, the third brand of the group that deals with handling equipment and systems for ships and offshore installations, a brand of which Cargotec in March 2022 had announced the next divestment.

Explaining the reasons that led to the decision to spin off of Kalmar, the president of Cargotec, Jaakko Eskola, stated that 'the Board of Directors, with the support from some major shareholders, after careful consideration of the decided to propose the spin-off of Kalmar from Cargotec by means of partial demerger to increase shareholder value'.

The partial demerger plan provides that the shareholders of Cargotec receive a new share of the corresponding share class (class A or B) of Kalmar for each Class A and B share held in Cargotec. The two classes of shares A and B in Kalmar will have the same rights to voting and dividend of class A and B shares in Cargotec. The The project is subject to the approval of the General Assembly of Cargotec and the board has announced its intention to submit it the shareholders' resolution at the shareholders' meeting of 30 May, while the expected date for the completion of the The split is scheduled for June 30. It is expected that the trading of Kalmar's Class B shares on Nasdaq Helsinki They will start around the first of July.

Cargotec's Board of Directors also intends to propose that Jaakko Eskola be elected Chairman of the Board of management of Kalmar and that the board of directors of Cargotec Teresa Kemppi-Vasama and Tapio Kolunsarka are included among the members of the board of directors of the new company. Subject to the completion of the demerger, the intention is to that the three managers do not continue to be part of the board of directors management of Cargotec.

Meanwhile, the Cargotec group closed the 2023 financial year with a growth in financial results and a decline in the value of new orders acquired during the year. The turnover is amounted to €4.57 billion, with an increase of +12% on the 2022. Operating profit was €483.8 million (+356%) and net profit of 348.7% (+1,403%). In 2023, the value of of the orders obtained by the group amounted to 3.99 billion euros (-18%) and the value of the orderbook as at 31 December amounted to €2.81 billion (-21%). Last year, the only Kalmar recorded sales of €2.05 billion (+5%) and new Orders of €1.71 billion (-18%). Hiab scored a Net sales of €1.79 billion (+13%) and new orders of €1.47 billion (-19%). MarGregor closed the year with a turnover of 733 million (+29%) and new orders of 816 million euros (-16%).