Cargotec Corporation, Press Release, February 2, 2007 at 9:30 a.m. Finnish time
Kalmar, the business area providing container handling solutions within Cargotec, has made an agreement to acquire the assets and business of Port Equipment Service, Inc. (PES) based in Portsmouth, Virginia, United States. This acquisition will strengthen Kalmar's service business in U.S. ports and intermodal terminals. The parties have agreed not to disclose the transaction value.
Established in 2001 PES employs 56 people, most of whom are service technicians. PES services container handling equipment of port operators in Portsmouth and Norfolk, Virginia and elsewhere in the East Coast of USA. PES also services various kinds of heavy equipment of railway terminals in five states. The company's net sales exceeded EUR 4 million in 2006. The current owners Dan Stevens and Tom McDonough will continue in the management of the business.
"This acquisition complements our strategy to grow the service business. The experience of PES with Kalmar products and its solid relationship with port and railroad customers strengthen our service set-up in the U.S.," says Kalmar's President Christer Granskog.
Sender:
Cargotec Corporation
Kari Heinistö
Senior Executive Vice President and CFO
Eeva Mäkelä
SVP, Investor Relations and Communications
For further information, please contact:
Christer Granskog, President, Kalmar, tel. +358 204 55 4776
Eeva Mäkelä, SVP, Investor Relations and Communications, tel. +358 40 727 6766
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.