Cargotec is changing the strategic direction of the company to drive higher financial performance following the UK’s blocking of its planned merger with Konecranes.
The company’s board of directors will focus on sustainability and growth in profitable core businesses Hiab, Kalmar Mobile Solutions and Kalmar’s horizontal transportation business and consider selling its MacGregor cargo handling subsidiary.
Cargotec will also start planning an exit from the heavy port cranes business, instead offering eco-efficient cargo handling equipment and lifecycle services in mobile equipment, straddle and shuttle carriers as well as Bromma spreaders.
“This strategic direction and the refocusing of Cargotec demonstrate our commitment to profitable growth, sustainability and the excellence of our people adapting to new challenges,” said Cargotec’s chair, Ilkka Herlin.
“The board is convinced that it is the right time to ensure an accelerated but orderly transition to an even more profitable and futureproof business.”
In addition to the planned actions above, Cargotec plans to review its operational model to support the refocused group, investing its capital over the next year in M&A, research and development investments in electrification, robotics and digitalisation as well as Cargotec’s climate programme, Mission Climate.
The board’s decision does not impact Cargotec’s outlook for 2022 published on 3 February 2022 in conjunction with the company’s Financial Statements review 2021. Cargotec expects its comparable operating profit for 2022 to improve from 2021 where it stood at €232 million.
