Cargotec considers listing Kalmar as standalone company

As part of the planned separation of Kalmar by partial demerger, announced on 27 April 2023, the Cargotec board of directors is proposing listing Kalmar as a standalone company, with Pekka Ala-Pietilä as its chairman.

This will be proposed at the upcoming Cargotec annual general meeting.

In addition, the board proposes that current board members Teresa Kemppi-Vasama and Tapio Kolunsarka would be elected as members of the board of standalone Kalmar upon the completion of the contemplated demerger.

Demerger committee

The Board has decided to establish a new external Demerger Committee to oversee the preparations for listing readiness and corporate governance matters for the potential standalone Kalmar.

Planning will continue throughout 2023 and the potential separate listing of Kalmar on Nasdaq Helsinki would, if carried out, take place in 2024.

“The planning is progressing in line with previously communicated timeline and objectives. Establishing the Demerger Committee will help us to ensure an effective and successful planning sequence and a successful transition of Kalmar into a separate standalone listed company”, said Jaakko Eskola, chair of the Cargotec board of directors.

People moves

The Board has agreed with Michel Van Roozendaal that he will step down as president of Kalmar and as member of Cargotec leadership team effective immediately.

The Board has decided to appoint Cargotec president and CEO Casimir Lindholm to also act as interim president of Kalmar until the search for a permanent CEO of Kalmar has been completed as part of the planned demerger process.

“Kalmar is performing and developing well, but the Board believes that Kalmar needs a new leader with extensive experience to drive Kalmar’s transition and planned listing readiness capabilities. Casimir is well positioned to lead Kalmar during the coming very important months, while also maintaining his current responsibilities as Cargotec CEO”, said Eskola.

“The announced appointments and changes in Kalmar will help us with the rigorous planning and listing process and in parallel to ensure business continuity and further value creation”, said Casimir Lindholm.