Cargotec to book EUR 26 million in restructuring costs in the fourth quarter of 2012

2013-01-22 08:05:59 -
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 22 JANUARY 2013 AT 9.00 A.M. (EET)


Cargotec initiated several restructuring measures during the second half of
2012. As a consequence, Cargotec announced in October 2012 that it starts
employee cooperation negotiations concerning the entire personnel aiming at
adjusting Cargotec's operations to the new business-driven operating model and
improving profitability. In addition, cooperation negotiations were announced
during the fourth quarter of 2012 in Lidhult and Hudiksvall, Sweden. These
actions aim to improve operational efficiency, profitability and to ensure long-
term competitiveness in global markets.

Majority of the negotiations have been concluded. Cargotec will book EUR 26
million in non-recurring restructuring costs in the fourth quarter of 2012, of
which approximately EUR 19 million impacts cash flow. Non-recurring
restructuring costs booked in 2012 total EUR 26 million. Cargotec 
  
    
      
        

	    
  
  estimates that
the measures taken result in approximately EUR 30 million cost savings for the
year 2013.


Further information for media:
Anne Westersund, Vice President, Communications, tel. +358 20 777 4460

Further information for investors:
Eeva Sipilä, Executive Vice President, CFO, tel. +358 20 777 4105
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084

Cargotec improves the efficiency of cargo flows on land and at sea - wherever
cargo is on the move. Cargotec's daughter brands, Hiab, Kalmar and MacGregor are
recognised leaders in cargo and load handling solutions around the world.
Cargotec's global network is positioned close to customers and offers extensive
services that ensure the continuous, reliable and sustainable performance of
equipment. Cargotec's sales totalled EUR 3.1 billion in 2011 and it employs
approximately 10,500 people. Cargotec's class B shares are quoted on the NASDAQ
OMX Helsinki under symbol CGCBV. www.cargotec.com



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Source: Cargotec Oyj via Thomson Reuters ONE
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