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definition - Cargotec

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Cargotec

                   
Cargotec Oyj
Type Julkinen osakeyhtiö
Traded as OMXCGCBV
Industry Industrial machinery
Founded 2005
Headquarters Helsinki, Finland
Key people Ilkka Herlin (Chairman), Mikael Mäkinen (President and CEO)
Products Marine cargo handling trucks, loader cranes, tail lifts
Revenue €2.575 billion (2010)[1]
Operating income €131.4 million (2010)[1]
Profit €74.2 million (2010)[1]
Total assets €1.278 billion (end 2010)[1]
Total equity €1.069 billion (end 2010)[1]
Employees 9,950 (end 2010)[1]
Website www.cargotec.com

Cargotec Oyj (OMXCGCBV) is a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution.

Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new KONE. After the split, Kone Corporation’s container handling (Kalmar Industries AB), load handling (Hiab and Moffett based in Ireland was acquired in 2000) and marine cargo handling (MacGREGOR) business units formed Cargotec. However, the businesses within Cargotec have much longer histories and a series of mergers and acquisitions during several decades. As of 2010, Cargotec's operations in both British, Irish and the Scandinavian regions have partnered with Hydroscand for OEM and after sales hydraulic requirements.

In January 2011, Cargotec announced it was to purchase Navis, a container terminal operating system (TOS) software company from Zebra Technologies Corporation. The purchase was completed in March 2011. Together with BLRT Grupp, Cargotec owns a marine service company MacGregor BLRT Baltic.[2]

As of the end of 2009, Cargotec Corporation had about 9,500 personnel working in over 120 countries. Cargotec has production in 18 countries.

The heirs of Pekka Herlin, who founded Kone Corporation, own large chunks of Cargotec common stock. Current (since July 12, 2005) Chairman of the Cargotec's Board of Directors is Ilkka Herlin. His brother Antti Herlin, a major owner and CEO of KONE, was also elected as a member of the Board of Directors.

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