Finland-based manufacturers Cargotec and Konecranes have agreed to merge their organisations.
The agreement will be implemented as a statutory absorption merger, whereby Konecranes will be merged into Cargotec. It will require the approval of a majority of two thirds of the shareholders, with completion expected in the fourth quarter of 2021, subject to all conditions for completion being fulfilled.
The board of directors of the merged company will include Christoph Vitzthum, Janina Kugel, Ulf Liljedahl and Niko Mokkila from Konecranes; and Tapio Hakakari, Ilkka Herlin, Kaisa Olkkonen and Teuvo Salminen from Cargotec.
It is proposed that the chairman will be Christoph Vitzthum. The president and ceo will be appointed at a later stage.
Vitzthum said: “Customers will benefit from the companies’ combined technologies and even better service capabilities.”
The portfolio of the merged organisation will cover container handling, manufacturing, transportation, construction and engineering, paper and pulp, metals productions, mining, power, chemicals and marine industries.
Mika Vehviläinen, ceo at Cargotec, added: “Together we are stronger and our combined research and development (R&D) resources will enable us to accelerate innovation in automation, robotics, electrification and digitalisation.”