Cargotec Board Approves Plan to Demerge Kalmar into Separate Listed Company
Cargotec's Board of Directors has approved a demerger plan to separate its Kalmar business into an independent, listed company. The planned completion date for the demerger is the end of June 2024.
Helsinki – Cargotec's Board of Directors has approved a plan to spin off its Kalmar business operations into a separate, publicly listed company. The final decision rests with the company's Annual General Meeting in May, with the demerger expected to be completed by the end of June 2024.
Under the proposed demerger, all assets, debts, and liabilities associated with the Kalmar business area will be transferred to a newly established company, Kalmar Corporation. The company intends to seek a listing for Kalmar Corporation's class B shares on Nasdaq Helsinki. Initially, Kalmar and Cargotec would share the same ownership structure without any cross-ownership.
The Hiab business area will remain with Cargotec following the demerger. The company also continues to seek a solution for its MacGregor business during 2024, as previously announced.
According to Cargotec, the strategic rationale for the demerger is to unlock shareholder value by enabling both Kalmar and Hiab to pursue independent profitable growth. Kalmar is expected to focus on technology for electrified and more sustainable cargo handling, while Hiab will concentrate on on-road load handling solutions.
The Annual General Meeting is scheduled to address the planned demerger on May 30, 2024. Cargotec will publish a listing prospectus with further details about the demerger and Kalmar before the meeting in May. Several major shareholders have indicated their support for the proposed plan.