Cargotec has become a majority shareholder in port equipment supplier Kalmar (Malaysia) Sdn Bhd by increasing its ownership to 69.9%.
Kalmar Malaysia is a joint venture established in 2000. Before the change in shareholding, which is for an undisclosed sum, Cargotec held 50%. Annual sales are around US$16 million and there are 125 employees. Collin Swee has been involved from the beginning and he continues as managing director of Kalmar Malaysia.
"Increasing our ownership in Kalmar Malaysia underscores our continuing commitment to invest in the Asia-Pacific market, which has experienced quantum growth in port terminal development during the last 15 years. This transaction gives better possibilities for Cargotec to pursue major crane refurbishment and upgrade projects, and improves our opportunities for growth also in the future," said Ken Loh, Cargotec executive vice president, APAC.