Cargotec's Board of Directors has concluded that a separate listing of Marine business area provides an opportunity to accelerate growth and value creation of the business. The Board has decided to proceed with the preparations for a separate listing of Marine in Asia latest by the second half of 2013 subject to market conditions. Cargotec will retain a majority stake in the listed subsidiary.
To strengthen its all three business areas' leading position, Cargotec will develop its governance model towards an organisation driven by three business areas: Marine, Terminals and Load Handling. The change in governance model will enable faster decision-making, improve efficiency and ensure better focus in improving profitability within Terminals and Load Handling.
As part of the change Cargotec plans to operationally integrate its Services business area and Region EMEA (Europe, Middle East and Africa) into Marine, Terminals and Load Handling business areas. The role of Cargotec's corporate functions is also planned to be restructured to enable more independent businesses.
As a result of the changes, Cargotec plans to adjust its operations accordingly and has started to plan restructuring measures. More information about the measures will be communicated during the coming weeks.
Cargotec's external financial reporting remains unchanged with the three business areas Marine, Terminals and Load Handling comprising the reporting segments.
A conference call for investors, analysts and media, during which questions may be presented regarding today's announcement, will be held in English on 17 September 2012 starting at 11.30 am (EEST). The conference call will be hosted by Cargotec's President and CEO Mikael Mäkinen and Executive Vice President, CFO Eeva Sipilä.
To register as a participant for the teleconference, please dial ten minutes before the beginning of the conference: US callers: +1 334 323 6203, other callers: +44 20 7162 0125, access code Cargotec/922558.
A replay of the conference will be available for two days until midnight on 19 September 2012, in the following numbers: US callers +1 954 334 0342, other callers +44 20 7031 4064, access code Cargotec/922558.