Cargotec Corporation agreed to Spin-Off Unknown stake in Cargotec Finland Oy on April 27, 2023. In a related transaction, Cargotec intends to spinoff Hiab. The shareholders of Cargotec shall receive as demerger consideration one new share of the corresponding share class (i.e., class A or class B) of Kalmar for each class A and class B share owned in Cargotec. The aim of the planned transaction is to create two focused world-leading listed companies. As of August 16, 2023, the Cargotec Board of Directors has concluded that it will propose in the forthcoming Cargotec Annual General Meeting to be held on H1/2024 that the Chair of the Board of the proposed standalone Kalmar would be Pekka Ala-Pietilä. In addition, the Cargotec Board proposes that current Board members Teresa Kemppi-Vasama and Tapio Kolunsarka would be elected as members of the Board of standalone Kalmar upon the completion of the contemplated demerger. Teresa Kemppi-Vasama and Tapio Kolunsarka will continue to serve as members of the Cargotec Board. As of February 1, 2024, The completion of the Demerger is subject to, among other things, approval by the General Meeting of Cargotec and the registration of the completion of the Demerger with the Finnish Trade Register following the creditor hearing process pursuant to the Finnish Companies Act. The Board of Directors of Cargotec Corporation has approved a demerger plan. Transaction is expected to be completed in year 2023. As of August 16, 2023, Transaction is expected to be completed in year 2024. As of February 1, 2024, The planned completion date of the Demerger pursuant to the demerger plan is June 30, 2024. The shareholders meeting is scheduled to be held on May 30, 2024. As of May 22, 2024, The Finnish Financial Supervisory Authority has approved the transaction. Cargotec Corporation announced on June 26, 2024 that Cargotec's Board of Directors has decided to complete the partial demerger of Cargotec and that the completion of the Demerger and the incorporation of Kalmar as a separate new company would be registered on June 30, 2024.

Goldman Sachs International, Danske Bank A/S, Finland Branch and BNP PARIBAS are acting as the financial advisers to Cargotec, PricewaterhouseCoopers Oy is acting as the separation, tax, legal structuring and financial reporting adviser, Hannes Snellman Attorneys Ltd is acting as the legal adviser in relation to Finnish law and Skadden, Arps, Slate, Meagher & Flom (UK) LLP in relation to U.S. law, and Miltton Ltd is acting as a communications adviser in relation to the Demerger and the listing of Kalmar.


Cargotec Corporation completed the Spin-Off of an unknown stake in Cargotec Finland Oy on June 30, 2024.