Engineering company Cargotec says he is selling MacGregor– business’s European capital investor Triton’s for the managed funds with a debt-free purchase price of EUR 480 million to support Hiabin future growth.
Cargotec and Triton have signed the agreement today, Thursday, November 14.
As a result of the transaction, Cargotec estimates that it will record a tax-free sales loss of approximately EUR 200 million in the fourth quarter of 2024.
The total costs arising from the separation of MacGregor, in addition to the impairment of goodwill, are estimated at EUR 25 million and are recorded as items affecting comparability as part of discontinued operations, Cargotec says.
The sale of MacGregor is part of the division of Cargotec into three companies.
Cargotec began the process of selling MacGregor in May after settling MacGregor’s dispute with an offshore wind installation vessel customer. It originally announced its intention to sell MacGregor as early as 2022.
Left Cargotec in July Kalmar listed on the Helsinki Stock Exchange as an independent company.
What remains is the Hiab business. Cargotec now estimates that its transformation into an independent Hiab would take place approximately on April 1, 2025.
Cargotec says in the press release that after evaluating various options, the company’s board is convinced that the transaction in question is the best possible option for Cargotec’s shareholders from the point of view of value creation.
When the name change takes effect next April, Cargotec’s current CEO Casimir Lindholm has announced his intention to leave his position as the company’s CEO after a successfully implemented change project.
“The agreement on the sale of MacGregor is the last important milestone in our project, with which we release shareholder value by separating Cargotec’s businesses into independent companies,” says Lindholm in the press release.
“The two-year project has progressed according to our plans and is now nearing its end. The funds obtained from the transaction will accelerate Hiab’s ambitious growth plans based on innovation and business acquisitions.”
After the transformation is completed, the board would appoint Hiab’s current director by Scott Philips to the CEO of Hiab, which is formed from the current Cargotec.
Cargotec’s current CFO would continue as CFO of the independent Hiab Mikko Puolakka.
In connection with the announcement of the deal, Cargotec updates its outlook and estimates Hiab’s comparable operating profit percentage for the current year to be more than 14.0 percent.
The business area’s profitability outlook for 2024 has been presented in accordance with the external reporting principles used in 2023.
Source: www.arvopaperi.fi
