Kalmar Industries has sold cab manufacturer Velsa Inc to Finland's Rautaruukki Corporation, so it can "concentrate on container and heavy materials handling equipment".

Kalmar chief executive Christer Granskog said Velsa, which reported turnover of EUR42 million (USD53.4 million) last year, would remain Kalmar's sole supplier of industrial machinery cabins to its European factories.

"The key to providing the best service to our customers involves staying close to them, developing and assembling good products and offering efficient services based on our knowledge of their needs," he said.

"This set-up gives us greater volume flexibility to cope with both the upswings and downturns in our very cyclical business environment, and enables us to better meet our customers' demands."