Cargotec Announces Share Repurchase Program for Incentive Programs

Cargotec Announces Share Repurchase Program for Incentive Programs

(IN BRIEF) Cargotec Corporation has announced its decision to initiate a share repurchase program. The Board of Directors will exercise the authorization granted by the Annual General Meeting on March 23, 2023. Cargotec plans to repurchase 400,000 class B shares, which will be utilized as reward payments for the company’s share-based incentive programs. The repurchases will be made through public trading on Nasdaq Helsinki Ltd., at market price. The program is set to commence on July 21, 2023, or later. The Board of Directors is authorized to acquire a maximum of 952,000 class A shares and 5,448,000 class B shares, as per the authorization granted by the Annual General Meeting. As of July 20, 2023, Cargotec currently holds 7,043 of its own class B shares.

(PRESS RELEASE) HELSINKI, 21-Jul-2023 — /EuropaWire/ — CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 20 JULY 2023 AT 09:15 AM (EEST)

Cargotec will start to repurchase own shares

Cargotec Corporation’s Board of Directors has decided to exercise the authorisation of the Annual General Meeting on 23 March 2023 to repurchase the company’s own shares. Cargotec will repurchase 400,000 class B shares to be used as reward payments for Cargotec’s share-based incentive programmes. The shares will be purchased at public trading on Nasdaq Helsinki Ltd. at the market price. The repurchases will start on 21 July 2023 at the earliest. According to the authorisation given to the Board of Directors by the Annual General Meeting, the maximum amount of shares that can be acquired is 952,000 class A shares and 5,448,000 class B shares.

On 20 July 2023, Cargotec held a total of 7,043 own class B shares.

Cargotec Corporation
The Board of Directors

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec’s business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed the United Nations Global Compact Business Ambition for 1.5°C. The company’s sales in 2022 totalled approximately EUR 4.1 billion and it employs around 11,700 people. www.cargotec.com

Media Contact:

Mikko Puolakka
Executive Vice President and CFO
tel. +358 20 777 4105

Aki Vesikallio
Vice President
Investor Relations
tel. +358 40 729 1670

SOURCE: CARGOTEC CORPORATION