Kalmar makes cargo handling equipment for ports, terminals, distribution centres and heavy industryCargotec is another step closer to dividing its business into three, after Finnish authorities approved its plan to spin off its Kalmar unit.
In a filing to the stock exchange on May 27, Cargotec said it expected its Kalmar container handling and heavy logistics business to be demerged to form a separate listed company on July 1 this year.
Cargotec is also looking to spin off its MacGregor marine cargo and load handling business this year.
“If the planned actions are completed, current Cargotec would comprise of Hiab as a standalone business.” Hiab is an on-road load handling equipment provider.
If all the transactions proceed as planned, Cargotec would change its name to Hiab and current chief executive officer Casimir Lindholm will step down, to be replaced by Hiab’s current president Scott Phillips.
Current Cargotec chief financial officer Mikko Puolakka would continue as CFO of standalone Hiab.
On May 27, Cargotec released new long term financial targets for its Hiab business after the demerger.
In 2022, Cargotec’s plan to merge with Konecranes was cancelled after a decision by the UK Competition & Markets Authority to block the merger between the materials handling giants.