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Cargotec approves Kalmar demerger plan

Photo: Kalmar Kalmar T2 terminal tractor
The Cargotec Corporation’s Board of Directors has approved a plan to demerge the business of Kalmar as a separate listed company.

Under the plan Cargotec will demerge so that all assets, debts, and liabilities of Cargotec relating to the Kalmar business area or mainly serving the business are transferred to a new company named Kalmar Corporation. A listing of class B shares in Kalmar on Nasdaq Helsinki would be applied for.

Upon completion, Kalmar would initially have the same ownership structure as Cargotec, and there would not be any cross-ownership between the two businesses. The business of Hiab will remain within Cargotec.

“The planning and evaluation of the demerger has progressed well,” said Jaakko Eskola, Cargotec’s Chair of Board.

“The Board of Directors with the support of certain major shareholders, has after careful consideration decided to propose the separation of Kalmar from Cargotec by means of partial demerger to increase shareholder value.”

Cargotec said that shareholders with an aggregate of approximately 41% of the shares and approximately 75% of the votes in Cargotec, have indicated their support for the proposed demerger.

The planned completion date of the Demerger is 30 June 2024.

Meanwhile Cargotec continues to look for a solution to MacGregor which it is looking to divest during 2024.