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Cargotec Oyj (HEL:CGCBV) Cargotec Corporation, Press Release, November 6, 2008 at 1 p.m. Finnish time
As a result of lower demand and profitability Cargotec announced in September that it would initiate restructuring measures, mainly in Western Europe and North America, affecting some 700 people. The measures are aimed at adjusting capacity to the prevailing market situation and improving profitability. In addition to the earlier announced restructuring measures already in process in several other countries Cargotec has started the measures in Sweden. The estimated total impact of the planned measures in Sweden is about 330 people in Kalmar and Hiab production sites.
Cargotec employs approximately 2400 people in Sweden.
In addition to these measures, Cargotec continues, as announced earlier, the On the Move change programme aiming at developing the way of working and the global supply footprint. The actions target to the achievement of Cargotec's profitability target by 2011.
More information for the press:
Pekka Vartiainen, President, Hiab, tel. +358 (0)204 55 4401 Pekka Vauramo, President, Kalmar, tel. +358 (0)204 55 4873 Minna Karhu, Vice President, Corporate Communications, Cargotec, tel. +358 (0)204 55 4630, mobile +358 (0)40 532 0007
More information for the investors: Paula Liimatta, IR Manager, tel. +358 (0)204 55 4634
Cargotec improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec's brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea - wherever cargo is on the move. Extensive services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec's sales exceed EUR 3 billion and the company employs approximately 12,000 people. Cargotec's class B shares are quoted on the NASDAQ OMX Helsinki.
www.cargotec.com
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