Cargotec merges Hiab and Kalmar and re-names business areas

Cargotec announced on 22 June 2009 of merging Hiab and Kalmar business areas. As a result of the merger, Cargotec has now formed two business areas: Marine, which comprises current MacGregor business area, and Industrial and Terminal, which comprises current Hiab and Kalmar business areas. Olli Isotalo continues to head the Marine business as Executive Vice President. Pekka Vauramo heads the Industrial and Terminal business as Senior Executive Vice President.

The new Industrial and Terminal organisation includes Product Solutions with the responsibility of global product offering competitiveness, Service Solutions with the responsibility of global service offering competitiveness, and three regional organisations with the responsibility of sales and service: Americas, Asia-Pacific and EMEA.

Cargotec has appointed three new members to its Executive Board.

Unto Ahtola (54; B.Sc. Mech. Eng.) has been appointed Executive Vice President, Product Solutions. Unto Ahtola will join Cargotec from Sandvik Mining and Construction where he has had a long career in e.g. product development, product management, sales and marketing and general management roles since 1982, currently acting as Vice President, Research & Development and Engineering. His starting date with Cargotec will be announced later.

Stefan Gleuel (43; M.Sc. Nav. Arch; M.Sc. Mgmt) has been appointed Executive Vice President, Service Solutions as of 1 October 2009. Stefan Gleuel has worked for Cargotec for over ten years, currently as Senior Vice President, MacGregor Service Division.

Ken Loh (45; B.Sc. Mech. Eng.) has been appointed Executive Vice President, Asia-Pacific as of 1 October 2009. Ken Loh has worked for Cargotec since 1989, currently as President, Kalmar APAC Region.

Mikael Mäkinen, President and CEO, Cargotec:

“These changes in Cargotec management structure are in line with the objectives of the On the Move change programme – customer focus and efficiency. We are very pleased to announce Unto Ahtola as head of Product Solutions. He has a long and impressive career and track record with Sandvik, an industry leader in capital equipment and related services. His experience in market driven product and business development will be valuable for Cargotec in future. This combined with raising the regional organisations to the Executive Board will increase customer focus in Cargotec management decisions.”

The head of the Industrial and Terminal business in Americas will be appointed in the near future. Industrial and Terminal business in EMEA has been led by Harald de Graaf since July 1st 2009, as Cargotec announced previously.

The new organization will be further developed and operational during the last quarter of 2009. Until that the current business area structure will be in place. External financial reporting will continue unchanged through 2009.

The appointed persons’ photos and CVs are available on Cargotec’s web pages at www.cargotec.com.

Cargotec improves the efficiency of cargo flows by offering solutions for the loading and unloading of goods on land and at sea – wherever cargo is on the move. Cargotec’s main daughter brands for cargo handling Hiab, Kalmar and MacGregor are global market leaders in their fields. Cargotec’s global network offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec’s sales totalled EUR 3.4 billion in 2008 and it employs approximately 11,000 people. Cargotec’s class B shares are quoted on the NASDAQ OMX Helsinki. www.cargotec.com