Cargotec releases 2011 annual report

Load handling markets saw strong activity in its main regional markets, except the US.

Sales in 2011 were up to €3,139m from €2,575m in 2010. They are still not reaching pre-recession levels of €4,106m.

Cargotec's largest markets for sales were Europe, the Middle East and Africa with 40% of sales and Asia-Pacific with 39%.

Cargotec’s president and CEO Mikael Mäkinen said, “In 2011, South East Asia was once again an important market for Cargotec with the smaller economies growing in tow of the ever strong China, whose positive ripple effects landed as far as the shores of Australia.”

“Europe followed a clear pattern; the further south the market, the more challenging the business environment. Northern and Central Europe remained strong markets for Cargotec. The markets in the Middle East were also good for us, although there too we have business areas with much room for growth.”

South America shows potential, Mäkinen said. “A number of important deals were made in South America, including, for example, Venezuela and Mexico, and business potential in this market is still increasing.”

Cargotec said its marine business area results fared well as a result of an active merchant shipping segment and high levels of cargo equipment delivered for bulk vessels.

Cargotec made acquisitions in the Port Automation market.

It acquired Navis, a US-based terminal operating systems (TOS) provider, at the beginning of 2011.

The acquisition combines Navis' TOS software with Cargotec's automation solutions for container handling equipment.