Cargotec plans to exit Kalmar’s heavy port cranes business and starts evaluating strategic options for MacGregor
Cargotec’s Board of Directors’ has decided to refocus the strategic direction of the company for higher financial performance. Cargotec will focus on sustainability and growth in profitable core businesses Hiab, Kalmar Mobile Solutions and Kalmar’s horizontal transportation business. Cargotec’s vision and breakthrough objectives sustainability and profitable growth remain, according to the company's release.
Cargotec will initiate an evaluation of strategic options of MacGregor including a potential sale of the business. The evaluation covers the whole business area inclusive of its merchant, offshore and services businesses. MacGregor is global leader in sustainable maritime cargo and load handling solutions.
Cargotec will also shift Kalmar’s focus towards mobile solutions and will start planning an exit from the heavy port cranes business.
Going forward, Kalmar would offer industry shaping, eco-efficient cargo handling equipment and lifecycle services in the mobile equipment product categories, straddle and shuttle carriers as well as Bromma spreaders.
Hiab is the world's leading provider of on-road load handling equipment, intelligent services, smart and connected solutions and will be at the core of Cargotec’s strategy. Hiab’s business portfolio will remain the same, but Cargotec plans to further accelerate the development of Hiab’s M&A pipeline.
In addition to the planned actions above, Cargotec plans to review its operational model to support the refocused group. Cargotec’s capital allocation priorities for upcoming 12 months are planned to be acceleration of M&A, research and development investments in electrification, robotics and digitalisation as well as Cargotec’s climate programme Mission Climate.
These planned actions are subject to normal local legal requirements and works council consultations.
Cargotec’s Core Businesses will support customers with lifecycle services as well as with market leading equipment and technologies. Automated, robotized and zero emission equipment help Kalmar and Hiab customers to overcome sustainability challenges.
Based on 2021 figures Core Businesses would have had sales of 2.6 billion euros representing approximately 80% of Cargotec’s total sales. Core Businesses comparable operating profit margin would have been 10.1% while Cargotec’s comparable operating profit margin was 7.0%. Service sales would have been 31% of Core Businesses total sales.
Cargotec enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact Business Ambition for 1.5°C. The company's sales in 2021 totalled approximately EUR 3.3 billion and it employs around 11,000 people.
