Cargotec takes control of Kalmar Malaysia
Cargotec has become a majority shareholder in Kalmar (Malaysia) by increasing its ownership in the company from 50 to 69.9 percent.
The deal is subject to regulatory approvals and is expected to close by the end of this year. The parties have agreed not to disclose the transaction value.
Kalmar Malaysia is a joint venture established in 2000 with Collin Swee who has been involved in the business from the beginning and continues as managing director.
The company's annual sales are around €12 million and it employs 125. It is supplies port equipment systems and services to Malaysian ports.
Ken Loh, executive vice president, APAC Cargotec said: "Increasing our ownership in Kalmar Malaysia underscores our continuing commitment to invest in the Asia-Pacific market, which has experienced quantum growth in port terminal development during the last 15 years. This transaction gives better possibilities for Cargotec to pursue major crane refurbishment and upgrade projects, and improves our opportunities for growth also in the future,"