Cargotec, Konecranes await rulings

News Story
- 10 Feb 2022 ( #1063 ) - Helsinki, Finland
1 min read
Merger partners have offered to divest
Merger partners have offered to divest

Work is continuing to complete the Cargotec Konecranes merger, with the two companies still in dialogue with relevant competition authorities “to find satisfactory ways to mitigate concerns raised by the competition authorities to secure approvals to complete the merger”.

In a joint statement, the would-be partners say the remedy requirements are “more complex than expected”.

Cargotec and Konecranes have discussed remedies with relevant competition authorities based on a commitment offered to the European Commission to divest Konecranes' Lift Truck business and Cargotec's Kalmar Automation Solutions. Both companies consider the offered remedy package as sufficient and feasible. Further investigations regarding the proposed remedies and negotiations with relevant competition authorities regarding antitrust concerns continue.

Cargotec and Konecranes are awaiting the authorities’ decisions and continue to work towards the merger being completed by the end of H1 2022.

Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently.

Meanwhile, Cargotec CEO Mika Vehvilaine has commented on his group’s performance in 2021.

“The improving market situation and increasing economic activity boosted our orders received to a record level, and our main demand drivers - number of containers handled at ports globally, construction activity, new vessel contracting - grew significantly,” he notes.

“However, as the year progressed, component shortages and global logistics challenges proved to be more difficult than what we had estimated, causing delays to our deliveries. Due to the coronavirus pandemic, market predictability was exceptionally challenging.”

In 2021, Cargotec orders rose by 42% but sales only increased by 2%.

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