CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 14 NOVEMBER 2022 AT 9:00 AM (EET)
Cargotec has completed the strategic evaluation of MacGregor
Cargotec has completed the strategic evaluation of MacGregor. Based on the evaluation, Cargotec’s Board of Directors has concluded that MacGregor will not be part of Cargotec’s portfolio in the future. Cargotec will focus on profitable growth of its core businesses, Hiab and Kalmar, by solving customers' sustainability challenges.
During the strategic evaluation, it became clear that there is considerable interest in MacGregor. However, from a value creation perspective, the timing for divesting the business is not ideal at the moment. This is due to the current uncertainty in the financial market combined with the early phase of MacGregor turnaround. Hence, Cargotec has decided not to initiate an active sales process now. The Board of Directors continues to evaluate the timing of the divestment. In the meanwhile, MacGregor will focus on improving the profitability of the business and has started a restructuring program in its offshore business.
Cargotec is expecting MacGregor’s sales and comparable profit to improve in 2023 compared to 2022. MacGregor sales was EUR 403 million and comparable operating profit EUR -5 million in Q1-Q3/22.
The Board’s decision doesn’t impact Cargotec’s outlook for 2022 published on 26 October in conjunction with the company’s interim report January–September 2022. Cargotec expects its comparable operating profit for 2022 to improve by EUR 88–118 million from 2021 (from EUR 232 million to EUR 320–350 million).
The evaluation of strategic options of MacGregor including a potential sale of the business was initiated on 30 March 2022. MacGregor is global leader in sustainable maritime cargo and load handling solutions.
Board of Directors
For more information, please contact:
Mikael Laine, Senior Vice President, Strategy, tel. +358 20 777 4179
Carina Geber-Teir, Senior Vice President, Communications, tel. +358 20 777 4105
Information for investors:
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact Business Ambition for 1.5°C. The company's sales in 2021 totalled approximately EUR 3.3 billion and it employs around 11,000 people.