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Cargotec looks to Singapore to list marine arm

Cargotec looks to Singapore to list marine arm
Singapore: Cargotec Corp is looking at listing one of its three arms on the Singapore Exchange. The company is studying the listing Cargotec Marine, which offers integrated cargo flow solutions for maritime transportation and offshore industries, in Singapore.  

Cargotec Marine has roughly 2,100 employees, and in 2011 its sales totalled Euro1.2bn. The company noted that 70% of Cargotec Marine’s business was in the Asia – Pacific region and strong presence in Singapore could open business opportunities particularly in offshore.

"Cargotec's strategy drives towards customer solutions. We are determined to grow our business through improved customer focus with a vision to be the world's leading provider of cargo handling solutions,” said Mikael Mäkinen, president and ceo of Cargotec. “The listing of Cargotec Marine would enable improved focus and provide new opportunities also for Cargotec's Terminals and Load Handling segments thus increasing overall shareholder value of Cargotec.”


TAGS: Singapore