World News – FI – Cargotec and Konecranes to merge – Splash247


The ships that owners will order in the future will look more and more alike Not only shipyards in Asia are merging, but manufacturers of the kit deployed on ships are also joining forces Today, Cargotec has announced plans to merge with Konecranes, which would create a dominant name in the cargo handling world, meaning the merged entity’s equipment would be found on over 60% of all merchant vessels

This is a turning point for the Finnish industry and the material handling industry as a whole

The combination deal, which will come under scrutiny by the regulator and must be approved by shareholders, is expected to be concluded in 2022, creating a Finnish naval equipment giant with a figure of annual business of 7 billion euros and a global workforce of 29,400 people

Cargotec plans to issue new shares to seal the 50/50 merger with current Konecranes chairman Christoph Vitzthum appointed as chairman of the new entity The first CEO of the new company has yet to be decided

Vitzthum commented today: “The combination of Konecranes and Cargotec, with their iconic technology brands, innovative capabilities, talented people and focus on sustainability, will create a company far greater than the sum of its parts, delivering strong synergies and creating a unique platform for creating shareholder value Customers will benefit from the companies’ combined technologies and even better service capabilities This is a pivotal moment for Finnish industry and material handling industry as a whole, and we are fully prepared and committed to seize this historic opportunity »

Cargotec President Ilkka Herlin said: “Sustainability has been at the heart of Cargotec’s agenda since its founding and this merger allows us to become a global leader in sustainable material flows Our customers are increasingly looking for green solutions and together we will have better opportunities to solve customer challenges I think this is a great opportunity to create value from both a point of view trade and shape global trade for the better « 

Cargotec, Konecranes

News from around the world – FI – Cargotec and Konecranes to merge – Splash247


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