Cargotec Acquires Italian CVS Ferrari
December 29, 2006 - Kalmar, the business area providing container handling solutions within Cargotec, has made an agreement to acquire CVS Ferrari Group. This acquisition will strengthen Kalmar’s market position and service capabilities in the South European and other Mediterranean markets and complement Kalmar’s product offering with new innovative container handling equipment. The agreement signed is subject to competition authority approval.
CVS Ferrari has a strong market position in new equipment in its home country Italy as well as in Southern Europe and Africa. CVS Ferrari has 100 service people in Italy and extensive installed base and dealer network around Mediterranean.
“We are pleased with this agreement, which strengthens Kalmar’s presence both in new equipment and services in the Mediterranean markets. We believe that the synergies with our existing operations will further strengthen CVS Ferrari’s competitiveness,” states Kalmar President Christer Granskog.
“Our family has successfully developed CVS Ferrari to its current size and position in nearly 40 years. We believe that Kalmar will be a good home and a strong owner for CVS Ferrari in order to meet future global challenges. We see a good fit between the two companies and we have found in Kalmar an owner committed to develop CVS Ferrari’s operations,” comments CVS Ferrari Group President Giuseppe Ferrari.
CVS Ferrari was founded in 1973 and is owned by the Ferrari family. Its net sales for 2006 are estimated to amount to EUR 85 million with an operating margin level slightly below Kalmar’s level. CVS Ferrari employs some 305 people. CVS Ferrari production facilities are located in Cadeo, Italy. The acquisition is expected to contribute to synergies in areas like production, sourcing and product development in order to offer customers more competitive products. CVS Ferrari will continue as a separate entity and brand within Kalmar continuing to sell its products through its existing distribution network.
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Cargotec Corporation is the world’s leading provider of cargo handling solutions, which are used in local transportation, terminals, ports, distribution centers, and ships. Cargotec’s operations are divided into three strong, global business areas: Hiab, Kalmar, and MacGREGOR, each of which is the market leader in its own segment. In 2005 Cargotec’s net sales exceeded EUR 2.3 billion. The company employs some 8,000 people and has activities in more than 160 countries. Cargotec’s class B shares are listed on the Helsinki Stock Exchange.
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