16.4 C
Hamburg
Sunday, June 1, 2025
Home News Hiab updates name and reporting segments

Hiab updates name and reporting segments

Following the decision made at the Annual General Meeting on 26 March 2025, the company name will change from Cargotec Corporation to Hiab Corporation, effective 1 April 2025.

An IFRS 8 assessment was conducted for the newly independent Hiab Corporation. Based on this evaluation, and as previously announced on 7 January 2025, Hiab has established two reporting segments—Equipment and Services—effective 1 January 2025. Reporting under these segments will commence with the January – March 2025 interim report.

The Equipment segment includes new equipment such as loader cranes, forestry and recycling cranes, truck-mounted forklifts, demountables, and tail lifts.

The Services segment encompasses spare parts, maintenance, accessories, installations, digital services, and refurbished equipment.

Additionally, Hiab will provide operating profit details related to Group administration, which reflects the costs associated with Cargotec’s former continuing operations, as well as certain administrative and support function expenses previously recorded under the former Hiab business area.

According to a statement, Hiab is publishing reclassified financial information for its reportable segments and Group administration covering all quarters of 2024 and the full year 2024 to facilitate comparison. Introducing new reporting segments and financial reclassification does not affect the company’s 2025 outlook.





Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

KlaipÄ—da port embarks on green hydrogen initiative

KlaipÄ—da Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!