CARGOTEC CORPORATION, PRESS RELEASE, 20 MAY 2014 AT 5 PM (EEST)
Hiab, part of Cargotec, has completed employee cooperation negotiations in Hudiksvall, Sweden. As a result of the negotiations, 134 employees were affected. In addition, as previously announced, 16 employees will be transferred to IBE Spectrum AB, to whom Hiab sold its paint shop operation in Hudiksvall in May.
The restructuring measures are expected to result in annual cost savings of approximately EUR 11 million with full effect from the year 2016, and generate restructuring costs of approximately EUR 14 million, of which EUR 12 million will be booked in Cargotec's second quarter financial results.
As announced in February, the focus of the current unit in Hudiksvall will shift from manufacturing to developing new products and testing products, as well as after sales and spare parts support. The production responsibility and the assembly operations for loader cranes, recycling cranes and forestry cranes will gradually come to an end in Hudiksvall by the first quarter of 2015.
Further information for the press:
Mika Selänne, Vice President, Supply, Hiab; tel. +358207774156, e-mail: email@example.com
Lotta Clausen, Vice President, Communications, Hiab, tel. +46372378138, e-mail: firstname.lastname@example.org
Further information for investors:
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084, email@example.com
Hiab is the world's leading provider of on-road load handling equipment. Customer satisfaction is the first priority for us. Around 2,700 professionals at Hiab work to provide high-performance products and services that meet customer needs globally. Our product range includes HIAB loader cranes, JONSERED recycling and forestry cranes, LOGLIFT forestry cranes, MOFFETT truck-mounted forklifts and MULTILIFT demountables, as well as DEL, WALTCO and ZEPRO tail lifts. www.hiab.com
Hiab is part of Cargotec. Cargotec's sales totalled EUR 3.2 billion in 2013 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki under symbol CGCBV. www.cargotec.com