Cargotec launches a programme to achieve annual cost

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
Cargotec launches a programme to achieve annual cost savings of approximately EUR 25 million in MacGregor

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 25 OCTOBER 2016 AT 12:03 PM (EEST)

Cargotec launches a programme to achieve annual cost savings of approximately EUR 25 million in MacGregor

Cargotec is launching a programme to achieve annual cost savings of approximately EUR 25 million and beginning statutory cooperation negotiations. According to preliminary estimates, efficiency improvement actions seek the reduction of approximately 260 full-time equivalents globally. MacGregor employed globally 2,355 persons at the end of September 2016.

The objective of the savings is to adapt to the prevailing market situation faced by MacGregor. In addition, the aim is to ensure long-term competitiveness on global markets and to continue the improvement of operational efficiency.

MacGregor's market situation is challenging. In the offshore industry, the low price of oil keeps investments at an unprecedentedly low level, which affects the demand for offshore load handling solutions. The demand for service has declined as parts from decommissioned ships are increasingly being used as spare parts. There is overcapacity on global merchant ship markets, and orders for new vessels are at an exceptionally low level, which decreases the demand for MacGregor's products and solutions.  

Cost savings are sought through the planned restructuring of operations and potentially with personnel reductions. It is estimated that the measures affect especially the operations in Norway, China, Sweden, Finland and Singapore.   

The planned savings measures are estimated to result in restructuring costs in the final quarter of 2016 and in 2017. 

"Even in this challenging market situation MacGregor is the leading and the strongest player in the maritime cargo flow, mooring and load handling markets.  As a result of these difficult but necessary actions MacGregor will become more agile. We have strong competence to help our customers operate more efficiently," says Michel van Roozendaal, President of MacGregor. 

More information: Mikko Puolakka, Executive Vice President, CFO, tel. +358 20 777 4105 Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084

Cargotec (Nasdaq Helsinki: CGCBV) is a leading provider of cargo and load handling solutions with the goal of becoming the leader in intelligent cargo handling. Cargotec's business areas Kalmar, Hiab and MacGregor offer products and services that ensure our customers a continuous, reliable and sustainable performance. Cargotec's sales in 2015 totalled approximately EUR 3.7 billion and it employs over 11,000 people. www.cargotec.com

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Duke Energy's Cost-Protection Plan Shields Ratepayers

Updated Category News Views 19

Shielding Customers From Data Center Costs Let's get right into the thick of it: Duke Energy's latest move is a strategic one, shrouded in industry terms but with a real impact on regular folks' wallets. The company's agreement with heavyweights like Amazon, Google, and Meta aims to protect existing customers in North Carolina from getting hit with the costs of powering...

Continue Reading
Wally Disrupts Dental Industry with $25M Funding

Updated Category News Views 24

A New Breath of Fresh Air for Dental Care Dental visits—a tedious, costly affair we've all dreaded. So, when Wally rolls out an overhaul in this stale landscape, it's worth taking notice. With $25 million in their pockets from Series A funding led by Maveron, Wally's swaggering in with a plan to flip the script on dental care across the nation. Redefining the Dental...

Continue Reading
OCI N.V. Secures a Win in Court; EGM Proceeds as Planned

Updated Category News Views 25

OCI Dodges a Bullet in Amsterdam Court Stepping into the courtroom drama, OCI N.V. just took home a win as the Amsterdam Court of Appeal's Enterprise Chamber gave them a clean bill of health, kicking out the inquiry request from VEB and a bunch of other shareholders. The judges weren't convinced there was anything fishy going on, so they tossed the inquiry petition and...

Continue Reading
U. of Phoenix and LACCD Launch 3+1 Degree Pathway

Updated Category News Views 17

Opening the Floodgates for Ambitious Community College Students When it comes to climbing the educational ladder, not everyone starts at the same rung. That's a fact we've all come to terms with in one way or another. Enter the University of Phoenix and the Los Angeles Community College District with a solution to expand educational access. The 3+1 Program: A Cost-Saving...

Continue Reading
Decoding CarBravo-Certified vs Traditional Used Cars

Updated Category News Views 21

What’s Behind Door Number One: CarBravo Certification When you walk onto a car lot these days, it's a mixed bag: shiny badges boasting certifications or basic used car signage. For anyone who's spent time around cars, two types stick out—there’s your CarBravo-certified vehicles and your good ol' used cars. Now, Marissa McCoy and Jill Maniaci from Heidebreicht...

Continue Reading
Merit Expands in New York with Bold Acquisition Move

Updated Category News Views 21

Merit Financial's Growth Trajectory Takes a Leap You watch the movers and shakers in this game long enough, and you start to see patterns. Merit Financial Advisors is one of those juggernauts you'd better keep an eye on. These folks just scooped up Moldenhauer & Associates—a firm that's been a staple in Orchard Park, New York—for a cool $1.1 billion worth of client...

Continue Reading
Ornellaia's 2026 Harvest: Adapting to Nature's Whims

Updated Category News Views 15

A Year Marked by Weather's Unpredictable Dance Nobody said making wine was a walk in the park, and the folks at Ornellaia know better than most how to roll with whatever nature throws their way. The 2026 harvest story is as much about unlocking the secrets of the soil as it is about navigating the quirks of the weather. Situated in Bolgheri, Italy, this year's vintage...

Continue Reading
C3EL Expands Federal Footprint with Strategic Contracts

Updated Category News Views 9

Pushing Boundaries in Federal Contracts What a ride C3EL's had in Government Fiscal Year 2026! Let me tell you, they’ve bagged a bunch of contracts that’d make any company’s mouth water. Kicking things off, they snagged a prime cybersecurity contract from the U.S. Air Force. Considering our current cybersecurity landscape, that's like striking gold. But they...

Continue Reading
Gong, Agentforce, Avoma Crowned 2026 CI Champions

Updated Category News Views 25

Diving Deep into Conversation Intelligence There's a lot to unpack when three software titans hog the spotlight, and that's exactly what's happening in the world of conversation intelligence this year. It's like we've hit the jackpot with Gong, Agentforce Sales, and Avoma carving out their turf as the 2026 Champions, according to the venerable Info-Tech Research Group....

Continue Reading
EMCO's New Automated Facility Could Shake Industry

Updated Category News Views 22

A Novel Leap in Production Capacity EMCO Industries just put a solid foot on the accelerator with their brand-new, shiny, fully automated plant over in Claremore, Oklahoma. If you're glancing at heavy-duty trailer springs, you can't ignore the fact that this is a multimillion-dollar investment. Heck, this monstrous 30,000-square-foot facility more than doubles what EMCO...

Continue Reading

Top 5 Most Recently Viewed Articles

Understanding Shareholder Rights for Fluor Corporation Investors

Updated Category News Views 136

Important Notice for Fluor Corporation Shareholders The Gross Law Firm is reaching out to shareholders of Fluor Corporation (NYSE: FLR) with a timely update. Shareholders who purchased shares during the recently identified class period are encouraged to engage with the firm about potential legal rights and remedies. It is crucial to act quickly as the deadline for class...

Continue Reading
CARGO Therapeutics Merger Investigation: Shareholders Take Note

Updated Category News Views 181

Understanding the CARGO Therapeutics Merger In a recent development, attorney Juan Monteverde is looking into the merger involving CARGO Therapeutics, Inc. (NASDAQ: CRGX). This merger is particularly significant as it involves Concentra Biosciences, LLC, which proposes to acquire CARGO for $4.379 in cash per share. Additionally, shareholders will gain a non-transferable...

Continue Reading
Veralto Declares Consistent Quarterly Dividend for Investors

Updated Category News Views 63

Veralto's Quarterly Dividend Announcement Veralto (NYSE: VLTO), a leading name in water and product quality solutions, has announced a quarterly dividend of $0.09 per share. This decision underscores Veralto's unwavering commitment to its shareholders and its ongoing financial health. Understanding Dividend Payments Dividends often indicate a company's financial...

Continue Reading
Swvl Partners with G4S for Advanced Mobility Solutions in Saudi Arabia

Updated Category News Views 230

Swvl Partners for Fleet Efficiency Swvl Holdings Corp, a prominent provider of technology-driven mobility solutions, has recently secured a three-year contract with G4S, a leading facility management company. This collaboration is set to revolutionize fleet operations in Saudi Arabia, marking an important milestone in Swvl's efforts to expand its SaaS-based offerings....

Continue Reading
Boliden AB Reports Significant Increase in Share Capital

Updated Category News Views 108

Boliden AB Reports Substantial Increase in Share Capital Boliden AB, well-regarded in the minerals and metallurgy sector, recently reported a considerable boost to its number of shares and overall share capital. This increase follows the company's successful directed share issue of 10,714,285 shares, which also equates to a corresponding increase in voting rights. Details...

Continue Reading