Companies|With the name change, the CEO also changes.
cargo and Cargotec, which manufactures load handling equipment, continues its planned division. Today, the company has three business areas, Kalmar, Hiab and MacGregor.
The company says it has reached an agreement with MacGregor’s dispute regarding the offshore wind turbine installation project and can now start promoting the company’s sales. The settlement of the dispute causes a negative impact of about 25 million euros on MacGregor’s second quarter operating profit.
Cargotec has said that it intends to split in such a way that Kalmar will be listed on the stock exchange as a separate company at the beginning of July. MacGregor is scheduled to be sold this year. If everything goes according to plan, the board intends to propose to the general meeting that the name of the current Cargotec be changed to Hiab next year.
The company’s current CEO Casimir Lindholm has announced his intention to leave his position at that point. Hiab’s current manager Scott Phillips would then become the new CEO. The goal for Hiab is that the annual revenue growth should be more than seven percent and that a dividend of 30–50 percent of the earnings per share would be distributed.
Cargotec announced its intention to give up MacGregor as early as November 2022, but the open legal dispute has weakened the result and slowed down the sale project. Technical problems in projects related to offshore wind power have caused losses.
The company has decided to give up the product in question completely and will not take on new pilot projects until the technical challenges have been resolved. A dozen or so smaller loss-making projects related to the second offshore wind power solution will mostly be completed during this year.
Otherwise, MacGregor’s core business in the merchant ship segment and maintenance has performed well, according to the company.
“Agreeing the offshore wind turbine installation vessel dispute with the customer is an important milestone for us. Our solution has developed technically, but we could not reach an agreement between the companies on the next steps of the long project. Now that the dispute has been resolved, we are in an even stronger position in terms of improving profitability,” says MacGregor’s manager Leif Byström in the bulletin.
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