On 1 October 2020, Cargotec Corporation (Cargotec) and Konecranes Plc (Konecranes) announced that the boards of the companies had signed a combination agreement and plan to combine the two companies through a merger (the Future Company), subject to regulatory and other approvals (the Transaction). The Boards of Directors of Cargotec and Konecranes have agreed to select Mr. Mika Vehviläinen as the President and CEO of the Future Company, and the Board of Directors of Cargotec has made the appointment accordingly. The appointment of Mika Vehviläinen will become effective upon completion of the Transaction which is currently expected to take place by the end of first half of 2022.

Until completion, both companies will operate fully separately and independently. Mika Vehviläinen has served as Cargotec's CEO since 2013. Mr. Vehviläinen is also a member of the Board of Directors of Danfoss A/S.