Cargotec Establishes Joint Venture for Marine Cargo Handling Equipment in Vietnam

Cargotec's MacGREGOR business area providing marine cargo handling solutions has established a joint venture with Vietnam Shipbuilding Industry Group (Vinashin) located in Haiphong, Vietnam. MacGREGOR has a 49 percent shareholding in the joint venture with Vinashin's stake standing at 51 percent.

 

MacGREGOR Vinashin Marine Equipment Ltd concentrates on hatch cover production to shipyards within Vietnam. The next phase will include the production and assembly of marine cranes as well as the production of RoRo equipment. Construction of the new joint venture factory will start during spring 2007 with production expected to start within one year.

 

Vinashin is one of the key players in the Vietnamese shipbuilding industry. The joint venture is part of Vinashin's plan to create a good platform for development of Vietnam's shipbuilding industry by producing locally key cargo handling equipment for ships.

 

 

Sender:

Cargotec Corporation

 

Kari Heinistö                              

Senior Executive Vice President and CFO    

 

Eeva Mäkelä

SVP, Investor Relations and Communications

 

For further information, please contact:

Markku Mattila, General Manager, Dry Cargo Division, MacGREGOR, tel +358 2 4121 301

Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 204 55 4281

 

Cargotec is the world's leading provider of cargo handling solutions whose products are used in the different stages of material flow in ships, ports, terminals, distribution centers and local transportation. Cargotec Corporation's brands, Hiab, Kalmar and MacGREGOR, are market leaders in their fields and well-known among customers all over the world. Cargotec's net sales are EUR 2.6 billion. The company employs close to 9,000 people and operates in approximately 160 countries. Cargotec's class B shares are quoted on the Helsinki Stock Exchange.

 

www.cargotec.com