CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 24 OCTOBER 2013 AT 1.00 P.M. (EEST)
Cargotec is planning to restructure operations in Hiab business area in order to improve profitability, to speed up the strategy implementation and to ensure long-term competitiveness in the global markets. The planned changes would reduce complexity and include adjustments to Hiab's sales, services and central support organisations. Measures to improve efficiency and reduce costs will be proposed also in other areas in Hiab to minimise overlapping in operations and gain synergies.
According to initial estimates, the planned measures could result in the reduction of approximately 250 employees globally, of which 45 in the Netherlands, 35 in Sweden, 12 in Finland, and 158 in other countries.
Employee cooperation negotiations about the planned measures are already ongoing in the Netherlands. In the rest of the countries possibly affected, the proceedings will follow local legislation and the plans will be communicated and negotiated locally. The planned measures could also result in changes in work duties as well as transfers from duties to another in all personnel groups.
The planned measures are estimated to incur savings of approximately EUR 20 million and to result in estimated EUR 12 million in restructuring costs.
Cargotec employs approximately 10,000 people globally, of which 3,000 people in Hiab.
Further information for the press:
Axel Leijonhufvud, President, Hiab, tel. +46 70 598 3176
Anne Westersund, Senior Vice President, Communications and Public Affairs, tel. + 358 20 777 4460
Further information for investors:
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4105
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com