World News – FI – Cargotec and Konecranes merge to create a global leader in sustainable material flows


Cargotec President Ilkka Herlin said: “Sustainability has been at the heart of Cargotec’s agenda since its founding and this merger allows us to become a global leader in sustainable material flows. customers are increasingly looking for green solutions and together we will have better opportunities to solve customer challenges I think this is a great opportunity to create value from both a business point of view and shape global commerce for the better The Future Company will be well positioned to seize these opportunities and create strong value for its customers, employees and shareholders « 

Konecranes President Christoph Vitzthum said: “The combination of Konecranes and Cargotec, with their iconic technology brands, innovative capabilities, talented people and a focus on sustainability, will create a company that is significantly superior to the sum of its parts, deliver strong synergies and create a unique platform for creating shareholder value Customers will benefit from the companies’ combined technologies and even better service capabilities This is a pivotal moment for the industry Finland and the material handling industry as a whole, and we are fully ready and determined to seize this historic opportunity »

Cargotec CEO Mika Vehviläinen said: “The Future Company will have better opportunities to improve the efficiency of customer operations and move the entire industry towards a more sustainable and intelligent industry Together we are stronger and our combined R&D resources will enable us to accelerate innovation in automation, robotics, electrification and digitization Both companies have extensive service networks and, together we can deliver superior value to our customers through our world-class service platform and intelligent technology »

Konecranes CEO Rob Smith said: “The Future Company will be a global leader with its unmatched product line, global service network, cutting-edge intelligent technology and unwavering commitment to security The best talents of Konecranes and Cargotec will be supported and the passion to lead a sustainable material flow to deliver the best to our customers The timing is right, and the logic and fit of this combination is convincing Konecranes is eager to begin this journey with Cargotec « 

The proposed combination will create a global leader in sustainable material flow, with many valuable brands in contact with customers and complementary offerings through its activities in industries, factories, ports, terminals, road handling and maritime The proposed combination of Cargotec and Konecranes will deliver value through: strategic, business and operational advantages

The proposed combination of Cargotec and Konecranes is complementary and creates geographic value; offering of products and services; employee; customer; and shareholder perspectives The Future Company will build on the skills of both companies and the combination will bring benefits to all stakeholders It aims to be a leader in the flow of sustainable materials through its vision based on decarbonization, safety , productivity and efficiency as well as maximizing the lifetime value of its customers’ equipment and solutions

The range of combined products and services will include world-class lifecycle services, intelligent equipment and software that will create value for customers by improving their sustainability, safety and productivity. Customer value will also be created thanks to a wide availability and coverage of services, an advanced technological offer, integrated solutions and customer support over the life cycle

The proposed combination provides a platform to innovate new offerings and expand into new industrial segments in material flow management The combined capabilities will further accelerate the development of key projects in the areas of automation, robotics, digitization and electrification The Future Company will have a foundation on which to grow faster than the market in and around the current core of lifecycle services, intelligent equipment, software, engineering and systems optimization. Future Company’s intelligent service technology offering will include remote monitoring, machine learning, digital tools, as well as sales, planning and technical support platforms Operational excellence is part of the DNA of the company of the future

The Future Company will house leadership and talent and provide better career opportunities and a strong focus on people development to its employees Cargotec and Konecranes believe the Future Company will be an attractive employer with leading brands in its industries and that it will focus on employee engagement, diversity and inclusion, based on a strong Nordic heritage It will commit to ethical conduct, fair treatment and an emphasis on safety

The Future Company can increase the penetration of its products and services to all of its current and potential customers The Future Company will also cover an even wider part of the value chain with its offering, which helps The Future Company to serve end-to-end customers more efficiently By combining the offerings of both companies, the Future Company will be better positioned to provide customers with integrated services, equipment, software and optimization of & systems engineering, resulting in solutions that have greater customer value than the sum of their parts

The proposed combination of Cargotec and Konecranes is expected to generate shareholder value for the Future Company through complementary skills, increased R&D scale, global top talent, operational excellence and synergies Synergies are expected to amount to around EUR 100 million per year and fully realized within the first 3 years after completion

Companies will manage the integration planning process with the goal of preparing for a common future from day one, while continuing to operate as usual until the merger is completed The goal is to secure the best talent from both companies and to ensure that onboarding planning is conducted in a legal, ethical and compliant manner

As this process evolves, Cargotec and Konecranes will inform, consult and negotiate with the employee organizations concerned regarding the social, economic and legal consequences of the proposed merger in accordance with the requirements of applicable laws.

The Future Company achieved 2019 combined illustrative sales of approximately EUR 7 billion and comparable operating profit of approximately 565 million, with the share of service sales being approximately 40% On a combined basis, Cargotec and Konecranes had approximately 29,400 employees in more than 50 countries as of June 30, 2020 Future Company’s extensive service network includes more than 8,500 service employees serving customers at more than 800 service locations around the world Customer industries of The Future Company will include container handling, manufacturing, transportation, construction and engineering, paper and pulp, metal production, mining, energy, chemicals and maritime industries

The name of the Future Company will be determined and announced subsequently In accordance with the merger plan, the board of directors of Cargotec will propose to the general meeting of shareholders of Cargotec to be convened prior to the completion of the merger that the articles of association of Cargotec will be amended as part of the performance registration of the merger to contain a new name of the Future Company The location of the head office of the Future Company will be decided at a later stage

It is proposed that the board of directors of the Future Company include four (4) directors from the current board of directors of Konecranes (Christoph Vitzthum, Janina Kugel, Ulf Liljedahl and Niko Mokkila) and four (4) Directors of the current Board of Directors of Cargotec (Tapio Hakakari, Ilkka Herlin, Kaisa Olkkonen and Teuvo Salminen) It is proposed that the President of the Future Company be Christoph Vitzthum

President and CEO of Future Company to be appointed and announced at a later date The Boards of Directors of Cargotec and Konecranes will jointly decide on the appointment of the President and CEO before the merger is completed

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Konecranes Cargotec

Global news – FI – Cargotec and Konecranes merge to create a global leader in sustainable material flow


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