FINNISH engineering group Partek will merge its Finnish loader crane manufacturing subsidiary Partek Cargotec Oy (Hiab) and Swedish cargo handling machinery making subsidiary Kalmar Industries into a new company to be called Partek Industries, Partek.
The merger procedure has begun and will be completed by November 2002. Partek Industries will continue to use the names Partek Cargotec and Kalmar Industries and its operations will be divided into two units under the two names. The merger will not affect employees.
Partek said that simplifying the structure in this way would reduce administrative costs. The company plans to continue reducing the number of its subsidiaries in other countries. The group manufactures in 15 countries and is represented in more than 100.
Partek posted a net profit of E21.5m ($18.8m) on a turnover of E2.74bn ($2.4bn) for 2001.
