On 1 October 2020, Cargotec Corporation (“Cargotec”) and Konecranes Plc (“Konecranes”) announced that the boards of the companies had signed a combination agreement and plan to combine the two companies through a merger, subject to regulatory and other approvals, according to the company's release.
The Boards of Directors of Cargotec and Konecranes have agreed to select Mr. Mika Vehviläinen as the President and CEO of the Future Company, and the Board of Directors of Cargotec has made the appointment accordingly. The appointment of Mika Vehviläinen will become effective upon completion of the Transaction which is currently expected to take place by the end of H1/2022. Until completion, both companies will operate fully separately and independently.
Mika Vehviläinen has served as Cargotec’s CEO since 2013. Mr. Vehviläinen is also a member of the Board of Directors of Danfoss A/S. Prior to joining Cargotec, Mr Vehviläinen acted as President and CEO of Finnair Plc between 2010 and 2013, as COO for Nokia Siemens Networks between 2007 and 2009 and in various positions with Nokia between 1991 and 2007. Further, Mr. Vehviläinen has acted as Vice Chairman of the Board of Directors of Elisa Corporation between 2014 and 2018 (member between 2012 and 2014) and of Vacon Plc between 2010 and 2014 (member during 2009). Mr. Vehviläinen holds a Master of Science degree in Economics.