MacGregor finalises the statutory cooperation negotiations regarding measures to achieve annual cost savings of approximately EUR 13 million

CARGOTEC CORPORATION, PRESS RELEASE, 15 DECEMBER 2017 AT 10.00 AM EET

 

MacGregor, part of Cargotec, announced on 9 November 2017 planned measures to achieve annual cost savings of approximately EUR 13 million by reorganising its operations and began statutory cooperation negotiations. The plans included the split of Smart Ocean Technology division into Cargo Handling division and Advanced Offshore Solutions division. With these savings MacGregor seeks synergies by reorganising both the offshore and merchant shipping operations and continues improving operational efficiency and customer centricity.

 

The statutory cooperation negotiations have now been finalised, resulting in restructuring of operations and reducing approximately 170 full-time equivalents globally. The measures affect MacGregor operations in Norway, Germany, China, and Singapore. MacGregor employed globally 1,876 persons at the end of September 2017.

 

As announced earlier, the planned savings are estimated to be reached in 2018. They will result in restructuring costs of approximately 7 MEUR in the final quarter of 2017. 

 

"These measures enable us to strengthen our leading position in the future maritime cargo flow, offshore mooring and load handling markets and to develop the company to be the leader in smart cargo and load handling. We continue to invest in serving our customers globally, and especially in the key developing maritime countries," says Michel van Roozendaal, President of MacGregor.

 

More information:

Michel van Roozendaal, President, MacGregor, tel. [phone]

Email: [e-mail]  

Minna Karhu, Vice President, Communications, MacGregor, tel. [phone]

Email: [e-mail]

 

Further information for investors:

Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. [phone]

 

MacGregor shapes the offshore and marine industries by offering world-leading engineering solutions and services with a strong portfolio of MacGregor, Hatlapa, Porsgrunn, Pusnes and Triplex brands. Shipbuilders, owners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor.

 

MacGregor solutions and services for handling marine cargoes, vessel operations, offshore loads, crude/LNG transfer and offshore mooring are all designed to perform with the sea. www.macgregor.com

 

MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2016 totalled approximately EUR 3.5 billion and it employs over 11,000 people. www.cargotec.com

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cargotec Corporation via Globenewswire