Cargo and load specialist Cargotec is predicting sales below the 2012 level for the year ahead, but profits should match last year's, thanks to restructuring efforts.

Reviewing its financial performance to the end of 2012, Cargotec reports a drop in orders to EUR3,058 million (USD4,110 million), down from EUR3,233 million (USD4,345 million) in 2011.

Sales grew 6% to EUR 3,327 million (USD4,471 million).

Anticipating lower sales for the current year, the company is expecting a "positive impact of efficiency improvement measures implemented (last year)" to be felt in the second half of 2013.

President and CEO Tapio Hakakari notes efforts to improve profitability and cash flow in 2012. "However, we did not achieve all our targets. The unavoidable consequence of this was employee co-operation negotiations. Unfortunately, as a result, we were forced to let go of some employees.

"In addition, we launched a new operating model based on independent businesses. These changes are aimed at achieving streamlined operations, profitable growth and greater market share. "We believe that we are in a strong position to turn the situation around, led by our new president and CEO as of 1 March 2013, Mika Vehviläinen."

In November, over a hundred Cargotec jobs in Finland were scrapped, while other staff cuts were flagged as the company moves to a new "business-driven operating model" (Forkliftaction.com News #593).

Cargotec claims its subsidiary brands, Hiab, Kalmar and MacGregor, are leaders in cargo and load handling solutions around the world.