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CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 27 AUGUST 2015 AT NOON (EEST)
Cargotec's MacGregor responds to weak market demand and reduces workforce in Uetersen, Germany
MacGregor, part of Cargotec, plans to reduce workforce in MacGregor Uetersen site in Germany to restructure the operations to the weak market demand. The market situation has deteriorated due to the low oil price and low number of new merchant ship orders. Ensuring competitiveness in the long-term over the current market cycle requires constant development of MacGregor's operations globally.
MacGregor is planning to start capacity adjustment measures which are estimated to have an impact on approximately 100 employees at MacGregor Hatlapa GmbH & Co. KG in Uetersen by the end of 2015. The target is to reach annual savings of EUR 7 million as of 2016.
MacGregor Hatlapa continues to deliver winches, steering gear and compressors and serve its customers with the same commitment and customer focus as it has been recognised for over the years.
The initiated measures are estimated to create restructuring costs of EUR 5 million in 2015.
More information for media:
Alexander Nürnberg, Vice President, Auxiliary and Machinery Systems, MacGregor,
tel. +49 172 981 3287, email: email@example.com
Minna Karhu, Vice President, Communications, MacGregor, tel +358 20 777 4500,
More information for investor:
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
Cargotec shapes the cargo handling industry for the benefit of its customers and shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Their global network is positioned close to customers and offers extensive services that ensure a continuous, reliable and sustainable performance according to customers' needs. Cargotec's sales totalled approximately EUR 3.4 billion in 2014 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki Ltd under symbol CGCBV. www.cargotec.com