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UPDATE 1-Cargotec to list marine unit by second half of 2013
September 17, 2012 / 9:33 AM / 5 years ago

UPDATE 1-Cargotec to list marine unit by second half of 2013

* Looking at all Asian bourses

* Had previously eyed Singapore listing by Spring 2013 (Adds CEO comment, share reaction)

HELSINKI, Sept 17 (Reuters) - Finnish cargo handling equipment maker Cargotec plans to list its marine unit on an Asian bourse by the second half of 2013 and use the proceeds to finance new investments, it said on Monday.

Cargotec had said in March it was considering listing the unit by spring of next year in Singapore.

Chief Executive Mikael Makinen said the company was now looking at all stock exchanges in Asia. Many of the world’s biggest shipyards and marine related businesses are located in the region.

“We need to find new growth,” Makinen told a conference call, adding he saw potential for growth in offshore businesses in countries such as China, Vietnam and Singapore.

Cargotec plans to retain a majority stake in the marine unit, which makes equipment such as electrical cranes and hatch covers for sea transportation and offshore industries.

It also said it plans some restructuring in its other operations.

Shares in Cargotec were 3.6 percent higher at 22.23 euros by 0914 GMT. (Reporting by Terhi Kinnunen; Editing by Mark Potter)

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