Finnish supervisory approves Cargotec’s partial demerger

The Finnish Financial Supervisory Authority has authorised Cargotec’s prospectus for a partial demerger of Cargotec and the listing of Kalmar.

In February, the Cargotec Corporation’s Board of Directors endorsed a partial demerger plan for Cargotec after evaluating strategic options for its core businesses Kalmar and Hiab.

Accordingly, all assets, obligations, and liabilities of Cargotec connected to the Kalmar business area or primarily serving the Kalmar business area must be transferred without a liquidation procedure to Kalmar Corporation, a corporation to be created in the demerger.

Cargotec’s Board of Directors has suggested that the Annual General Meeting (AGM) be conducted on 30 May, to adopt the Demerger Plan and resolve the Demerger as outlined in the Demerger Plan.

The completion of the Demerger, which is subject to, among other things, AGM approval, is expected to be registered in the Finnish Trade Register on or about 30 June, with trading in Kalmar’s class B shares on Nasdaq Helsinki Ltd’s official list beginning on 1 July, or as soon as reasonably possible thereafter.

In February, Hiab, part of Cargotec, received two significant orders for Hiab equipment in the US collectively worth up to $40 million.