Cargotec acquires in Estonia
20 March 2008
Cargo handling specialist Cargotec Corporation will acquire Balti ES, a steel structure and component manufacturer in Narva, Estonia for an undisclosed sum.
Balti ES is owned by Odense Steel Shipyard Ltd, a subsidiary of the A.P. Moller-Mærsk Group. It is an existing supplier to Cargotec and will support the growing component needs of Cargotec's Hiab and Kalmar businesses.
“Balti ES offers us a good base to build on our future component and assembly needs. The combination of low-cost manufacturing, Cargotec processes, and a more focused Balti ES will result in an effective sourcing partner for our growing needs. The location of Balti ES is logistically a good match for our European units,” said Pekka Vartiainen, Hiab president.
Balti ES employs around 600 people and net sales were Euro 14 million in 2006. Managing director Vladimir Nazarenko will continue to be responsible for operations.
