Cargotec to establish MacGregor business area's domicile in Singapore

Cargotec's Board of Directors has in its meeting on 11 February 2013 decided to establish the domicile of the future parent company of MacGregor business area in Singapore, company reports. Consequently, the management of MacGregor will be based in Singapore. Cargotec continues to plan for a separate listing of MacGregor subject to market conditions.

Singapore provides a strong base for marine and offshore industries with several listed marine companies. This will enable MacGregor to develop its entire value chain, including services.

"Due to its closeness to our Asian customers and partners, we are confident that Singapore is the best location for the domicile. Since more than 70 percent of MacGregor's sales are already generated in Asia-Pacific, we feel that establishing our domicile in Singapore would represent a natural development for our operations," comments Mikael Mäkinen, President of MacGregor.