Cargotec is mooting the separation of its core Kalmar and Hiab businesses into two standalone companies.
The board of directors believes such a move would enable both to grow independently and, if approved, is likely to go ahead during this and next year.
It has previously been reported that MacGregor will not be part of Cargotec’s future business portfolio. If the planned actions are completed, there would be three separate businesses – Kalmar, Hiab and MacGregor.
Cargotec’s chair, Jaakko Eskola, said the separation of Kalmar and Hiab would be the ‘logical next step’. “The Bboard is convinced that the separation would unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently,” he said.
“They serve different customers and have limited cross selling synergies,” added Cargotec’s president and chief executive, Casimir Lindholm.
“Kalmar has recently gone through a major transformation to become a more focused business and has an excellent foundation in place to continue to grow independently. Hiab has a proven track record of profitable growth and M&A,” he added.
The board believes the planned transaction would increase the attractiveness of the companies, improving governance and providing greater transparency and accountability. It will only recommend the planned transaction if there is evidence that it will bring greater shareholder value.
