08.04.2024

Kalmar demerger confirmed

Cargotec has confirmed the date for the demerger and flotation of Kalmar as the 30th of June, subject to ratification at its Annual General Meeting on May 30th.

As a result, it has published restated - unaudited - financial statements for last year. They reduce Cargotec from a €4.58 billion company with a pre-tax profit of €453 million to one half the size - essentially Hiab and MacGregor - with revenues of €2.52 billion and a pre-tax profit of €219.5 million.
Kalmar will start its life as a publicly quoted company with 2023 revenues of €2.05 billion and a pre-tax profit of 233.5 million.
See Record result for Hiab & Kalmar

While the demerger is subject to a vote, the fact that shareholders representing 41 percent of the equity and 75 percent of the votes have already agreed the deal, suggests that there is almost no risk of it failing.

Vertikal Comment

Cargotec is surely set to disappear now allowing Hiab to return to being a stand alone company. Cargotec has frequently stated its desire to sell off the MacGregor business, and might not find that the time is ripe for it?

What impact this will have on the Hiab business is hard to gauge as it has been operating with a great deal of independence for a while now, following a disastrous conglomeratisation and centralisation strategy. So, the key change will depend on its ability to fund new developments etc..