Cargotec plans to retain majority stake in its Asia-listed subsidiary

FINNISH-headquartered Cargotec is to list its marine business on an Asian stock exchange in the second half of 2013 and maintain a majority stake in the listed subsidiary.

In doing so it hopes to strengthen its three business units in a governance model of marine, terminals and load handling. The change in governance model will enable faster decision-making, improve efficiency and ensure better focus in improving profitability within terminals and load handling.

As part of the change Cargotec plans to operationally integrate its Services business area and Region EMEA (Europe, Middle East and Africa) into marine, terminals and load handling business areas. The role of Cargotec's corporate functions is also planned to be restructured to enable more independent businesses.

As a result of the changes, Cargotec plans to adjust its operations accordingly and has started to plan restructuring measures.

Cargotec's external financial reporting remains unchanged with the three units marine, terminals and load handling comprising the reporting segments.