15.11.2022

Cargotec to sell MacGregor - but not yet

Cargotec has completed the strategic evaluation of MacGregor and concluded that the business does not fit in with its long term portfolio plans. As a result, it will focus all of its efforts on its Hiab loader crane and Kalmar port handling equipment divisions.

However, the company has also decided that this is not the best time to sell MacGregor, even though there is some interest from potential suitors. It has therefore decided against an active sales process at this time. MacGregor manufactures ship cranes, cargo handling equipment and hatch covers. Revenues last year were €553.1 million with an operating loss of €40 million. This year it looks set to come in with similar sales but a smaller loss.
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The statement from Cargotec said: "During the strategic evaluation, it became clear that there is considerable interest in MacGregor. However, from a value creation perspective, the timing for divesting the business is not ideal at the moment. This is due to the current uncertainty in the financial market combined with the early phase of MacGregor turnaround. Hence, Cargotec has decided not to initiate an active sales process now. The Board of Directors continues to evaluate the timing of the divestment. In the meanwhile, MacGregor will focus on improving the profitability of the business and has started a restructuring program in its offshore business."