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Cargotec

Cargotec Corporation was a multinational company specializing in the development, manufacture, and provision of and load handling solutions for ports, terminals, ships, and on-road transportation. Headquartered in , , it employed around 11,000 people globally and reported annual net sales of approximately €4.6 billion in 2023. Formed on June 1, 2005, through the partial of Corporation's operations, Cargotec integrated longstanding brands and technologies from acquisitions such as (dating back to the in straddle carriers and forklifts), Hiab, and MacGregor (with roots in 1937 for hatch covers). The company operated through three core business areas: , which provided heavy-duty equipment like reachstackers, terminal tractors, and automated solutions for handling in ports and intermodal terminals; Hiab, focused on on-road load handling equipment including loader cranes, truck-mounted forklifts, and tail lifts for , , and utilities; and MacGregor, specializing in cargo access equipment such as hatch covers, cranes, and RoRo systems for ships and applications. Throughout its two decades, Cargotec emphasized innovation in sustainable logistics, including early adoption of electric forklifts in 1980 and full of its portfolio by 2021, alongside advancements in like the AutoStrad™ system and smart port technologies to enhance efficiency and reduce emissions. Listed on since its inception (ticker: CGCBV until changes), it grew through strategic acquisitions and served customers in over 100 countries, contributing significantly to global infrastructure. In a major , Cargotec completed a partial on June 30, 2024, spinning off as an independent publicly listed entity on starting July 1, 2024, to allow focused growth in each segment. The remaining operations, centered on Hiab's on-road solutions, were renamed Hiab Corporation effective April 1, 2025, with net sales of about €1.6 billion and over 4,000 employees in 2024. Concurrently, the MacGregor business was divested to funds advised by for €480 million, with the sale closing on July 31, 2025, marking the end of Cargotec as a unified entity.

History

Formation and early years

Cargotec Corporation was established on June 1, 2005, through a partial from Corporation, which separated its and business into a new entity while spinning off the cargo handling operations into Cargotec. This incorporated the cargo handling businesses previously acquired by from Partek Corporation in 2002, focusing on equipment for ports, terminals, roads, and ships. The new company was headquartered in , , at Sörnäisten rantatie 23. The foundational roots of Cargotec's cargo handling operations trace back to Partek Corporation's strategic acquisitions in 1997, when it purchased , Inc., a Finnish engineering group specializing in terminal systems, and a majority shareholding in Industries AB, a Swedish container handling equipment producer originally part of . These acquisitions merged Terminal Systems with Kalmar to form a stronger base for solutions, which later became integral to Cargotec following 's takeover of Partek. In 2000, Partek acquired Moffett Engineering Limited in Ireland, a manufacturer of truck-mounted forklifts, which was integrated into the Hiab business unit following the demerger. By 2005, just prior to the demerger, Kone Cargotec had also acquired MacGregor on March 4, 2005, enhancing its capabilities. Upon formation, Cargotec operated through three core business units: , focused on container handling and heavy such as reach stackers and terminal tractors; Hiab, specializing in on-road load handling solutions including loader cranes and forklifts; and MacGregor, providing marine cargo flow solutions for ships and offshore applications. Early was provided by and CEO Carl-Gustaf Bergström, who oversaw the initial operations and . Cargotec's class B shares began trading on on the same day as the , under the CGCBV and FI0009013429.

Key acquisitions and growth

Following its formation, Cargotec continued its expansion through targeted purchases in software and specialized equipment. In 2011, it acquired Navis, a U.S.-based provider of terminal operating systems, from for $190 million, integrating advanced software for port automation and container management into its division. This enhanced Cargotec's digital offerings for global container terminals. Later, in 2018, MacGregor, a Cargotec , acquired the marine and offshore businesses of TTS Group ASA for about €87 million, adding ro-ro equipment, retractable landing platforms, and other handling solutions to its portfolio; the deal was completed in 2019 after regulatory approvals. Cargotec divested Navis in 2021 to Accel-KKR for an enterprise value of €380 million, realizing significant returns on the investment. These acquisitions drove Cargotec's global expansion, particularly into high-growth regions like and , where sales shares reached 19% and 31% respectively by 2021. The company's grew to over employees by the early , reflecting increased operations and in emerging economies. A major milestone came in 2020 when Cargotec announced a merger with Konecranes , valued at approximately €3.3 billion per company, to form a leading entity in sustainable lifting and logistics solutions; the deal aimed to combine complementary technologies but was ultimately abandoned in 2022 due to regulatory hurdles.

Restructuring and transformation

In 2022, Cargotec and Konecranes abandoned their proposed merger, which had been announced in 2020, primarily due to regulatory opposition from authorities including the Competition and Markets Authority () and the US Federal Trade Commission (FTC). The blocked the transaction on March 29, 2022, citing concerns over reduced competition in the supply of container handling equipment at ports, leading the companies to jointly cancel the deal. By April 2023, Cargotec's initiated a review to potentially separate its core and Hiab divisions into standalone listed companies, aiming to enhance strategic focus and unlock through independent operations tailored to their respective markets in marine and on-road cargo handling. This process advanced in February 2024 when the board approved a plan, culminating in the partial demerger registered on June 30, 2024, with Corporation listed separately on under the ticker KALMAR starting July 1, 2024. In 2025, Cargotec continued its transformation by divesting non-core assets, including the sale of its MacGregor marine and offshore cargo handling business to funds managed by for an enterprise value of €480 million, with the transaction closing on July 31, 2025. Reflecting its sharpened focus on on-road load handling solutions, the company changed its name to Hiab Corporation (Hiab Oyj) effective April 1, 2025, following approval at the Annual General Meeting on March 26, 2025. These structural changes significantly streamlined Cargotec's operations, reducing its workforce from 11,552 employees at the end of 2020 to 4,234 in continuing operations (Hiab) by the end of 2024, primarily through the of and preparation for the MacGregor sale. This shift enabled a more agile organization concentrated on high-growth areas like intelligent on-road solutions, with improved profitability and targeted investments in and digitalization.

Business operations

Core product lines

Cargotec's core product lines historically encompassed specialized equipment for cargo and load handling across its three main divisions: Hiab, Kalmar, and MacGregor. The Hiab division focused on on-road transport solutions, including loader cranes designed for lifting and in , , and utility applications, with models offering capacities up to 90 tonnes-metres and advanced control systems for enhanced safety and efficiency. Forestry cranes under Hiab, such as the JONSERED series, were tailored for and timber processing tasks, enabling the lifting and loading of tree trunks in rugged environments. Demountable systems, branded as MULTILIFT, allowed for versatile truck body swapping to support , , and needs. Truck-mounted forklifts, including the MOFFETT range, provided compact, rough-terrain capabilities for delivery and agricultural operations, with lifting capacities reaching 3,500 kg. Tail lifts, such as those from WALTCO, ZEPRO, and DEL brands, facilitated safe loading and unloading of goods from trucks, integrating seamlessly with urban delivery fleets. The division, prior to its in June 2024, specialized in and equipment for and heavy-duty . Its product portfolio included loaded and empty handlers for stacking and transporting shipping containers, reach stackers capable of handling up to 45 tonnes in tight spaces, tractors for efficient yard maneuvering of trailers and containers, and heavy forklifts ranging from 40,000 to 170,000 pounds capacity for industrial and intermodal applications. These machines emphasized durability and productivity in high-volume environments like and warehouses. MacGregor, divested to Triton-managed funds with the transaction closing on July 31, 2025, provided marine handling solutions for including (Ro-Ro) and pure and carriers (PCTC). Key offerings comprised access equipment such as electrically operated ramps, liftable decks, and internal/external doors for efficient loading and unloading. Hatch covers, including folding designs, protected holds while enabling flexible deck usage for various cargoes. and lashing systems ensured secure fastening and during operations at and in . In addition to hardware, Cargotec offered comprehensive services across its divisions, including maintenance programs to ensure equipment uptime and longevity, digital solutions for that provided monitoring and to optimize operations, and sustainability-focused features like electric and cranes to reduce emissions in and settings. Following the 2024 demerger of and sale of MacGregor, Cargotec's operations as of April 2025 centered solely on the Hiab division's on-road solutions, streamlining its focus on intelligent load handling for land-based transport.

Global markets and customers

Cargotec historically operated in over 100 countries through its subsidiaries , Hiab, and MacGregor. The company had major manufacturing and assembly facilities in key locations including its headquarters in , ; production sites in (Eksjö and Vallentuna), and the (multiple sites for Hiab). In 2023, prior to the 2024 demerger of and the 2025 sale of MacGregor, Cargotec's sales were distributed across regions with a primary focus on EMEA, , and . Historically, Cargotec's customer base spanned diverse sectors tailored to its business units. Kalmar primarily served ports, terminals, and intermodal operators seeking efficient handling solutions. Hiab catered to firms, providers, and fleet operators requiring on-road load handling equipment. MacGregor targeted shipbuilders, operators, and companies focused on access and heavy-lift systems. These segments enabled Cargotec to support global supply chains, from to projects. In key markets, Cargotec emphasized region-specific strategies to address local demands. In the , the company prioritized sustainable logistics through electric and hybrid solutions, such as 's eco-efficient reachstackers and empty container handlers, aligning with stringent emission regulations. In , drove port automation initiatives, capitalizing on rapid infrastructure growth and the rising adoption of automated terminals projected to expand significantly by 2060. represented a core market for heavy lifting applications, where Hiab and MacGregor provided robust equipment for , , and sectors amid ongoing expansion. Following the 2024 partial that separated and rebranded the remaining entity as Hiab, the company has intensified its focus on road transport solutions in emerging markets like and , leveraging local assembly facilities to meet growing demand in and . As of September 2025, Hiab reported sales of EUR 1,046 million for the first nine months. However, supply chain disruptions throughout the 2020s, exacerbated by the and geopolitical tensions, have impacted global delivery timelines and operational efficiency across all regions.

Technological innovations

Cargotec has pioneered digital solutions to enhance cargo handling efficiency across its operations. The company's Navis software, acquired in 2011 from for approximately USD 190 million, provided advanced terminal operating systems (TOS) that optimized container movements and port workflows through real-time data analytics and automation integration. This platform supported seamless coordination between quayside, yard, and gate operations, reducing turnaround times and improving throughput at major global terminals. However, Cargotec divested Navis in to Accel-KKR for an enterprise value of EUR 380 million, allowing focus on core on-road and marine technologies. Complementing this, Hiab's HiConnect platform enables remote monitoring of loader cranes, delivering near real-time insights into equipment performance, safety alerts, and utilization to optimize fleet operations and prevent downtime. In sustainability, Cargotec emphasized low-emission technologies to support global environmental goals, including alignment with the European Union's Green Deal objectives for reduced carbon footprints in transport and logistics. Hiab introduced the second-generation ePTO 44 electric take-off in 2022, enabling emission-free crane operation on electric vehicles and cutting fuel consumption by up to 100% during loading tasks. Building on this, the HIAB wspr series of electric cranes launched in 2024 combines with for up to 90% lower operating costs and zero emissions in urban areas, while extending life to 1-4 days for intensive use. These innovations contributed to Cargotec's broader target of reducing CO2 emissions by 200,000 tonnes by 2024, fostering greener cargo flows in line with EU climate ambitions. Automation remained a cornerstone of Cargotec's innovations, particularly in port and marine environments. Kalmar's automated guided vehicles (AGVs), such as the eco-efficient FastCharge model introduced in 2018, transport containers autonomously between quayside and stack yards, minimizing energy use through rapid charging and proven automation platforms that handle up to 1.5 million annual moves per vehicle. Deployed at facilities like PSA Singapore, these AGVs enhanced safety by eliminating human exposure to traffic and boost productivity with precise navigation via laser guidance. MacGregor's smart cargo systems, including the Active Roll Compensation (ARC) technology developed since 2012, stabilize loads during ship loading to achieve up to 30% faster handling in rough seas, using topographic mapping and sensors for optimal lift points. Cargotec invested approximately 2.5-3% of its annual revenue in research and development, totaling around EUR 100 million in 2022, to drive these advancements. Key R&D centers included the Technology and Competence Centre in Tampere, Finland, which focused on Kalmar's automation and electrification projects following a EUR 35 million investment from 2011-2013, and facilities in Shanghai, China, supporting production and innovation for the Asia-Pacific market. These efforts underscored Cargotec's commitment to intellectual property in load handling, with ongoing contributions to sustainable maritime innovations recognized in industry forums.

Corporate affairs

Ownership structure

Cargotec Corporation was established through a partial from Corporation on June 1, 2005, with its initial ownership structure directly derived from Kone's pre- shareholders, who received one Cargotec share for each Kone share held. The Herlin family, already dominant in , maintained control in the new entity via holding companies such as Sijoitus-Wipunen Ltd., Mariatorp Ltd., and D-Sijoitus Ltd., each acquiring approximately 7% of Cargotec's shares and voting rights immediately post-. As of December 31, 2024, the Herlin family heirs—Ilkka Herlin (through Wipunen Varainhallinta Oy), Heikki Herlin (through Mariatorp Oy), and Ilona Herlin (through Pivosto Oy)—collectively hold the majority of voting power, controlling approximately 69% of the total votes via ownership of 8,820,201 Class A shares and 15,200,000 Class B shares. Cargotec's shares consist of two classes: Class A shares, each carrying one vote and comprising 9,526,089 total (14.7% of ), and Class B shares, each carrying one vote per ten shares and totaling 55,182,079 (85.3% of ), with Class B shares publicly traded on . This structure amplifies the family's influence, as they predominantly hold the higher-voting Class A shares. The remaining ownership represents approximately 31% free float, primarily in Class B shares held by institutional and retail investors, with no single non-family shareholder exceeding 5% of shares or votes; for example, Keskinäinen Eläkevakuutusyhtiö holds 3.03% of shares. The family's dominance has remained stable since the 2005 , enabling significant influence over strategic decisions, such as the pursuit and subsequent joint cancellation of the proposed merger with Konecranes in March 2022 following regulatory blockage by the Competition and Markets Authority. Following Cargotec's partial on June 30, 2024, which separated the business into a new listed entity, the resulting Hiab Corporation (formerly Cargotec) preserved the ownership structure, with the Herlin family retaining majority voting control through the same holding companies and share classes.

Leadership and

Cargotec's leadership is headed by President and Scott , who was appointed to the role effective April 1, 2025, following the company's name change from Cargotec to Hiab Corporation as part of its corporate restructuring. , a U.S. citizen born in 1966, previously served as President of the Hiab business area since 2018 and brings extensive experience in operations and , holding an MBA and B.Sc. in . Key executives include Mikko Puolakka, who has held the position since 2019 and also serves as Executive Vice President, overseeing financial strategy and . The is chaired by Jukka Moisio, elected to the position in 2024, with prior involvement in Cargotec's dating back to at least 2020. The board comprises eight members as of March 2025, with a majority independent of the company and significant shareholders, ensuring balanced oversight: Raija-Leena Hankonen-Nybom, Ilkka Herlin, Ritva Sotamaa, Eric Alström, Jukka Moisio, Tuija Pohjolainen-Hiltunen, Luca Sra, and Casimir Lindholm (Vice Chair). It operates through specialized committees, including the Audit and Risk Management Committee (chaired by Raija-Leena Hankonen-Nybom) and the Personnel and Remuneration Committee (chaired by Jukka Moisio), which focus on financial controls, , , and nominations. In September 2025, Hiab announced leadership enhancements to bolster operational focus, appointing Jenny McGeough as of Loader Cranes (Heavy and Superheavy), effective November 1, 2025; she succeeds Marcel Boxem in the role, leveraging her background in . Additionally, Kimberly Allan was named Executive Vice President of Business Excellence, effective October 1, 2025, to drive continuous improvement initiatives, while Sanna Ahonen returned to leading mergers, acquisitions, strategy, and sustainability efforts. These changes aim to strengthen sales, services, and amid the company's post-demerger structure. Cargotec adheres to the Corporate Governance Code, as updated in 2025, which emphasizes transparency, accountability, and ethical standards for listed companies on . Governance practices include robust compliance with Helsinki Stock Exchange rules and a strong focus on , integrated into annual statements since 2020 to address (ESG) factors, with board-level oversight via dedicated committees. Historically, Cargotec's first President and CEO was Carl-Gustaf Bergström, who led the company from its formation in 2005 through 2012, guiding its initial public listing and early growth. Subsequent leadership included Mika Vehviläinen as CEO from 2013 to 2023, during which period the company pursued major acquisitions and strategic expansions.

Financial performance

Cargotec's revenue reached a peak of €3.7 billion in 2021, driven by strong demand across its business areas before subsequent restructuring efforts. Following the partial demerger of in June 2024 and the sale of MacGregor in July 2025, the company's continuing operations—primarily the Hiab business—reported revenue of €1.647 billion in 2024, reflecting an 8% decline from €1.787 billion in 2023 due to the divestitures. These transactions streamlined the company, with the MacGregor sale for an enterprise value of €480 million providing a significant influx to support future growth. In terms of profitability, Cargotec achieved a comparable of 13.2% in 2024 for its continuing operations, with comparable operating profit at €217 million on sales of €1.647 billion. This marked a record high for the Hiab segment at 14.9% margin, underscoring improved efficiency post-restructuring. However, in the third quarter of 2025, profitability faced headwinds, with comparable operating profit declining 24% to approximately €40 million amid an 11% revenue drop to €346 million, primarily from a slump in U.S. sales; this was partially offset by growth in services. Year-to-date revenue through September 2025 stood at €1.16 billion, down 6% from the prior year. The company's as of December 31, 2024, showed total assets of €2.45 billion and equity of €1.03 billion, with a of 4,234 employees, reflecting a 5% reduction from 2023 levels following the . For 2025, Cargotec guided that continuing operations' comparable operating profit margin would exceed 13.5%, signaling confidence in sustained profitability despite market challenges. Key milestones include Cargotec's in 2005, which valued the company at approximately €1.5 billion in at listing. The 2024 and 2025 MacGregor divestiture further transformed the financial profile, reducing debt and enhancing for the core lifting and material flow solutions business.

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