22.01.2013

Cargotec to take €26 million hit

Cargotec, owner of Hiab loader cranes, Kalmar reach stackers and MacGregor marine cranes will book a €26 million non-reoccuring restructuring charge in its fourth quarter accounts.

The charge - with a cash impact of €19 million - covers the recently announced move away from centralised services towards a more entrepreneurial decentralised structure, with each of the three businesses responsible for their own operations and decisions.

The negotiations and lay-offs have been largely concluded and the company estimates that the measures taken will result in a saving of around €30 million for the year 2013.