Bruce Barnard, Special Correspondent | Sep 17, 2012 2:35PM EDT
Cargotec, the Finnish cargo handling equipment manufacturer, today unveiled plans to list its marine unit on an Asian stock exchange by the second half of 2013 at the latest.
Cargotec said it will retain a majority stake in the listed subsidiary, which manufactures equipment such as hatch covers for ships and electrical cranes and is also active in the offshore sector.
A separate Asia listing, which is subject to market conditions, “provides an opportunity to accelerate growth and value creation of the business,” the company said.
In March, Cargotec said it might list the marine unit in Singapore in the spring of 2013.
Cargotec also plans to restructure its operations around its three business units, Marine, Terminals and Loading.
Cargotec, which has a worldwide payroll of about 10,500, booked revenues of 3.1 billion euros [$4 billion] in 2011, of which 39 percent were in the Asia-Pacific region.
Contact Bruce Barnard at brucebarnard47@hotmail.com.