Cargotec may sell MacGregor
Following a strategic evaluation, Cargotec’s Board of Directors has decided to not to keep MacGregor in their portfolio.
According to Cargotec, the evaluation, launched on 30 March 2022, revealed that it is not the right time for divesting the business. This is due to the current uncertainty in the financial market combined with the early phase of MacGregor turnaround.
The board has decided not to initiate an active sales process, but rather, will continue to evaluate the timing of the divestment. They expect MacGregor’s sales and comparable profit to improve next year. MacGregor’s sales amounted to EUR 403 million this year, with a comparable operating profit of EUR -5 million between Q1 and Q3 of 2022.
In the meantime, MacGregor will focus on improving its profitability with a restructuring program in its offshore business, and Cargotec has announced it will focus on profitable growth of its core businesses, Hiab and Kalmar, by focusing on customers’ sustainability challenges.