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Cargotec plans to separate Kalmar and Hiab

Cargotec Corporation's Board of Directors has decided to launch a process to divide its key businesses, Kalmar and Hiab, into two standalone companies.

Cargotec intends to separate Kalmar as a new listed company by means of a partial demerger from Cargotec.

Based on the initial assessment, Cargotec's Board has estimated that the separation of Kalmar and Hiab could bring shareholder value by allowing both firms to achieve sustainable profitable growth opportunities independently.

The proposed partial demerger is planned to take place in 2023, with the potential execution and independent listing of Kalmar on Nasdaq Helsinki taking place in 2024, if carried out.

According to Cargotec's announcement on 14 November 2022, MacGregor, which is currently one of Cargotec's three business sectors, would no longer be part of Cargotec's portfolio in the future.

As a result, Cargotec's attention will remain on finding a solution for MacGregor until 2024. If the intended activities are carried out, there will be three distinct businesses: Kalmar, Hiab, and MacGregor.

The intended partial demerger would be a reasonable next step in Cargotec's previously stated goal of increasing company independence.

The Board of Directors believes the planned transaction would increase the attractiveness of the companies and facilitate fair valuation of the businesses.

Furthermore, the planned separation would, if implemented, improve the governance and simplify the structures of the separate entities and provide greater transparency and accountability, according to the company's statement.

The Board of Directors will continue assessing possibilities to separate Kalmar and Hiab and will only recommend the planned transaction if upon final assessment there is evidence that enhanced shareholder value can be attained.

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