Cargotec Plans to Restructure Operations in Hiab Business Area

Cargotec is planning to restructure operations in Hiab business area in order to improve profitability, to speed up the strategy implementation and to ensure long-term competitiveness in the global markets. The planned changes would reduce complexity and include adjustments to Hiab's sales, services and central support organisations. Measures to improve efficiency and reduce costs will be proposed also in other areas in Hiab to minimise overlapping in operations and gain synergies.

According to initial estimates, the planned measures could result in the reduction of approximately 250 employees globally, of which 45 in the Netherlands, 35 in Sweden, 12 in Finland, and 158 in other countries.

Employee cooperation negotiations about the planned measures are already ongoing in the Netherlands. In the rest of the countries possibly affected, the proceedings will follow local legislation and the plans will be communicated and negotiated locally. The planned measures could also result in changes in work duties as well as transfers from duties to another in all personnel groups.

The planned measures are estimated to incur savings of approximately EUR 20 million and to result in estimated EUR 12 million in restructuring costs.

Cargotec employs approximately 10,000 people globally, of which 3,000 people in Hiab.