Cargotec has sold Waltco Hydraulics to Ligon Industries
CARGOTEC CORPORATION, PRESS RELEASE, 7 JANUARY 2010 AT 9 A.M. EET
Cargotec has sold its US-based hydraulic cylinders manufacturing business Waltco
Hydraulics to Ligon Industries, LLC. The parties have agreed not to disclose the
transaction value. Waltco Hydraulics, situated in Ohio, was part of Waltco Lift
Corp., belonging to the Tail Lift (liftgate) division within Industrial and
Terminal business area at Cargotec.
Michael Militello President of Waltco Lift Corp:
?Ligon Industries is a long time supplier to Cargotec. Based on our earlier
experience of sourcing cylinders from Ligon, we trust Ligon as a reliable and
high-quality producer whom we continue to count on as a supplier. In 2008 Waltco
Hydraulics delivered approximately one third of its volume to Cargotec?s
businesses and the rest to external customers.?
This divestment is aligned with Cargotec?s global supply strategy which
emphasizes an assembly-focused product supply set-up close to customers.
More information for the press:
Michael Militello President, Waltco Lift Corp, tel. + 1 330 633 9191
Minna Karhu, Vice President, Communications, tel. +358 204 55 4630 or +358
40 532 0007
More information for investors:
Paula Liimatta, IR Manager, Cargotec, tel. +358 (0)204 55 4634
Cargotec improves the efficiency of cargo flows by offering solutions for the
loading and unloading of goods on land and at sea ? wherever cargo is on the
move. Cargotec?s main daughter brands for cargo handling Hiab, Kalmar and
MacGregor are global market leaders in their fields. Cargotec?s global network
offers extensive services that ensure the continuous, reliable and sustainable
performance of equipment. Cargotec?s sales totalled EUR 3.4 billion in 2008 and
it employs approximately 10,500 people. Cargotec?s class B shares are quoted on
the NASDAQ OMX Helsinki. www.cargotec.com
[HUG#1370344]
