News story

Cargotec aims for faster growth in China

Wednesday, 19 January 2011 ( #497 ) - Hong Kong
Cargotec deputy CEO Pekka Vauramo has relocated to Hong Kong to drive the company's initiatives in the Chinese and Asia-Pacific markets.
Cargotec deputy CEO Pekka Vauramo has relocated to Hong Kong to drive the company's initiatives in the Chinese and Asia-Pacific markets.
Cargotec is serious about expanding its load-handling solutions in the Chinese market, with deputy CEO Pekka Vauramo relocating to Hong Kong this year.

Vauramo tells Forkliftaction.com News that he moved from Finland to Cargotec's Hong Kong office at the start of 2011 to drive the company's development initiatives in the Asia Pacific region. "With the balance of world trade shifting to Asia, our strategy requires a strong local presence in China so that we can strengthen our market leadership and grow faster than the industry average."

He says China is a "very attractive market" for many Cargotec products. "For example, over 50% of new ship orders are currently being awarded to Chinese shipyards. Cargotec is well-positioned in China to supply its MacGregor solutions like hatch covers and ship cranes to these vessels."

Vauramo adds that Cargotec has good relationships with Chinese terminal operators and logistics companies.

"Road transportation is increasing in China and in the long term, the truck-mounted load-handling equipment market will start to grow," he says.

There is currently no Hiab plant in China. Hiab is the brand of Cargotec industrial load-handling equipment that includes the previously named Moffett truck-mounted forklifts. Cargotec will set up new plants in China as the market for its goods expands.

Cargotec has two factories in Shanghai and one in Tianjin, which Vauramo says manufacture products for the local and export markets.

The Finnish-headquartered company employs over 1,000 people in China in about 20 locations. It also has two joint ventures in China. Its sales in the Asia Pacific region have grown rapidly and are now almost on par with the Europe, Middle East and Africa region.

Hong Kong, a bustling metropolis that is slightly larger than Singapore, is a short ferry's ride from China. Many overseas companies have established regional headquarters there as a platform to maximise business opportunities in the Chinese mainland and Asia Pacific markets.
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