Cargotec Oyj is a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution. Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new KONE. After the split, Kone Corporation's container handling, load handling and marine cargo handling business units formed Cargotec. However, the businesses within Cargotec have much longer histories and have been formed through a series of mergers and acquisitions over several decades. At the end of 2019, Cargotec had approximately 12,500 personnel working in over 100 countries. Cargotec's major shareholders are the heirs of Pekka Herlin. Current Chairman of the Cargotec's Board of Directors is Ilkka Herlin.
Business areas
Kalmarproducts and services are used in ports, terminals, distribution centers and in the heavy industry. Kalmar products include forklifts, terminal tractors, quay cranes, yard cranes, ASCs, shuttle and straddle carriers, reachstackers and equipment for empty container handling. Lately, Kalmar has invested in terminal automation and in energy-efficient container handling. Hiab products, service and spare parts are used in on-road transport and delivery. The product portfolio includes loader cranes, demountable, forestry cranes, recycling cranes, truck-mounted forklifts, and tail lifts. MacGregor focuses on engineering solutions and services for handling marine cargos and offshore loads. MacGregor products are used in maritime transportation, offshore and naval logistics markets, in ports and terminals as well as on board ships. Around 2010, Cargotec prepared a separation and possible listing of MacGregor in Singapore. Due to market conditions and focusing on integration of major acquisitions, Cargotec's Board of Directors decided in October 2013 to delay the listing.
History
Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new KONE. After the split, Kone Corporation's marine cargo handling, container handling and load handling business units formed Cargotec. However, the businesses within Cargotec have much longer histories and they have been formed through a series of mergers and acquisitions during several decades. Cargotec's Kalmar business area started to take shape in 1997 when Partek Corporation acquired the Finnish state-owned Sisu Ltd including its terminal tractor business. During the same year, Partek acquired a major shareholding in Kalmar Industries Ltd, a container handling equipment producer. The foundations of Cargotec's Hiab business area were laid in 1977 when Partek Corporation bought Multilift Group. In 1985, Partek acquired Hydrauliska Industrier Ltd and Jonsered forestry cranes. A couple of years later Partek strengthened its forestry crane expertise by acquiring that particular business line from Fiskars. Several business acquisitions in 2000 enforced the load handling business. In 2004, the name Hiab was taken into use for the whole load handling business in Cargotec. MacGregor originates from England where it started to serve shipping companies and shipyards in 1937. The marine cargo business of the company in a broader meaning started in 1983 when MacGregor merged with the Finnish Navire. In 1993 Incentive acquired MacGregor-Navire and merged it with Hägglunds Marine. In 1998, the majority of MacGregor was sold to Industri Kapital. In 2005, Cargotec bought MacGregor International AB, the global marine cargo flow solutions provider, to strengthen the company's cargo handling offering. Several mergers and acquisitions have taken place since to further strengthen MacGregor. In 2011, Cargotec acquired Navis, a US based terminal operator systems provider from Zebra Technologies for $190 million.
Ownership
The major shareholders of Cargotec are Pekka Herlin's heirs Ilkka Herlin, Niklas Herlin's estate and Ilona Herlin each managing over 22% of votes.
