01.07.2005

Cargotec and Kone conclude demerger

On June first 2005 Kone Corporation, demerged into two publicly quoted companies, Kone Corporation, and Cargotec corporation. Kone included the Lift (elevator), escalator and automatic door business, while Cargotec comprised Hiab Oy, the lorry loader/tail lift company, Kalmar, the straddle crane and Reach stacker producer and Macgregor the ship hatch cover and crane company.

The final stage of the demerger plan which was first proposed in August 2004, became a reality today when Antii Herlin disposed of his controlling interest in the Cargotec business.

Herlin, the fourth generation of the family that built up Kone, had controlled 20 percent of Carogotec’s equity with 60 percent of the voting rights.

Simultaneously Herlins equity holding in Kone rose to 21 percent with 62 percent of the voting rights.

Kone acquired Hiab when it purchased Partek Oy in 2002, effectively doubling its size. Kone cranes, a completely separate quoted business was divested from Kone Corp in 1994.