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Cargotec Marine considering IPO in Singapore
Posted on Monday, 19 March 2012 15:50
Cargotec Corporation, the Finland-based cargo lifting and handling equipment manufacturer, is studying the possibility of listing its Cargotec Marine unit on the Singapore Stock Exchange.
The company said that an initial public offering (IPO) of the division would bolster its already significant presence throughout Asia, which in turn could enable the firm to take advantage of new business opportunities, specifically in the offshore sector.
Should an IPO go ahead, Cargotec Corporation would be expected to retain a majority holding in the target.
Cargotec Corporation is headquartered in Helsinki and employs around 11,000 staff across 120 countries worldwide.
The company was formed in June 2005 when it demerged from Kone Corporation, and is listed on Nasdaq OMX Helsinki.
Products are sold under the Hiab, Kalmar and MacGregor brands, and it generated net income of EUR 149.30 million in fiscal 2011.
Cargotec Marine claims to be a world leader in the maritime cargo flow solutions sector, and accounts for around 2,100 of Cargotec Corporation’s employees.
The division achieved sales of EUR 1.21 million in 2011.
Mikael Mäkinen, president and chief executive of Cargotec commented: "Cargotec's strategy drives towards customer solutions. We are determined to grow our business through improved customer focus with a vision to be the world's leading provider of cargo handling solutions.
“The listing of Cargotec Marine would enable improved focus and provide new opportunities also for Cargotec's terminals and load handling segments thus increasing overall shareholder value of Cargotec."
Cargotec Corporation has hired two global investment banks to advise on the proposed IPO, and the evaluation is expected to be completed by the end of the third quarter of this year.
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