Cargotec strengthens service network

Cargotec Corporation, based in Finland, has acquired 80% of two Italian material and container handling companies, CVS Technoports and CVS Service.

The remaining 20% of shares will remain in the ownership of the CVS Ferrari Group. The two companies' combined sales turnover in 2007 was about €8 million (US$10.2 million). They employ 65 people.

Following the transaction, the companies will operate under the name Officine Cargotec Ferrari. "They will focus on developing the service offering towards container and material handling customers in Italy. Through the acquisition the companies will be able to offer a wide range of services related to both CVS and Kalmar equipment, as well as third party equipment," said Cargotec.