World News – FI – Konecranes and Cargotec merge

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By Anne Kauranen
October 1, 2020

Finnish engineering company Konecranes and material handling machine maker Cargotec plan to merge to accelerate innovation and save money, they said on Thursday, pushing up both their shares

The boards of the companies, which provide road and marine handling machinery and services to industries, factories, ports and terminals, said they had signed a plan under which Konecranes would be integrated with Cargotec in as part of a peer-to-peer merger

Cargotec stock jumped around 25%, while Konecranes stock rose around 17%, giving a combined market value of around 45 billion euros ($ 5 billion) , according to data from Refinitiv Eikon

A merger would put Konecranes back into the hands of Finland’s richest family, the Herlins, who reportedly regretted divesting the company from elevator maker Kone in 1994

Ilkka Herlin, the chairman of Cargotec and its main owner through his investment firm, told reporters that a potential merger has been touted for some time, but now is the time to help develop more technologies. green and more automated for customers

« Together we are stronger and our combined R&D resources will enable us to accelerate innovation in the fields of automation, robotics, electrification and digitization », said Mika Vehvilainen, CEO of Cargotec

Combined annual revenue is around € 7 billion, while operating profit would have been around € 565 million based on fiscal 2019, Konecranes said

The new company aims for a comparable operating margin of over 10% and expects annual savings of around 100 million euros within three years of closing the deal, Konecranes added

The new group will be chaired by Konecranes chairman Christoph Vitzthum, and a new chief executive will be appointed at a later date, the companies said

Konecranes shareholders will receive 03,611 new Class A shares and 20,834 new Class B shares of Cargotec for each Konecranes share held

This will have the effect that Konecranes shareholders will own around 50% of the shares and votes in the company, he said.

Shareholders representing 763% of Cargotec’s votes and 274% of Konecranes’s votes are irrevocably committed to supporting the agreement

The Finnish government investment subsidiary Solidium, which is Konecranes’ second largest shareholder with an 851% stake, has said it supports the plan

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Konecranes Cargotec

News from around the world – FI – Konecranes and Cargotec to merge


SOURCE: https://www.w24news.com

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