Cargotec increasse share in Malaysian joint venture
20 December 2010Cargotec has increased its ownership in Kalmar (Malaysia) Sdn. Bhd., becoming a majority shareholder. The firm now owns 69.9% of the company, up from the previous 50%. No transaction value is to be released.
Established in 2000, Kalmar Malaysia is a joint venture which is the leading supplier of port equipment systems and services to Malaysian ports. The firm’s annual sales are approximately €12m, with 125 employees. Collin Swee has participated in the project from the outset, and will continue as managing director of Kalmar Malaysia.
Ken Loh, executive vice president, APAC, Cargotec, said: “Increasing our ownership in Kalmar Malaysia underscores our continuing commitment to invest in the Asia-Pacific market, which has experienced quantum growth in port terminal development during the last 15 years.
“This transaction gives better possibilities for Cargotec to pursue major crane refurbishment and upgrade projects, and improves our opportunities for growth also in the future.”
