Kalmar, a division of Cargotec, Announces Acquisition of Electric Terminal Tractor Product Line from Lonestar Specialty Vehicles

Kalmar, a division of Cargotec, Announces Acquisition of Electric Terminal Tractor Product Line from Lonestar Specialty Vehicles

(IN BRIEF) Kalmar, a division of Cargotec, has announced its acquisition of the electric terminal tractor product line from Lonestar Specialty Vehicles (LSV) in the US. As part of the deal, LSV will transfer immaterial assets to Kalmar and become their contract manufacturing partner for the acquired range. The transaction will be completed on September 1, 2023. LSV is known for its electric vehicle solutions, and the acquired product line will be added to Kalmar’s portfolio under the name Kalmar TX. This move aligns with Kalmar’s commitment to sustainable solutions and expanding its electric terminal tractor offerings. The transaction’s impact on Kalmar’s 2023 sales will be minor.

(PRESS RELEASE) HELSINKI, 24-Jun-2023 — /EuropaWire/ — Cargotec Corporation (HEL: CGCBV), a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution, announces that its subsidiary Kalmar, has unveiled an agreement securing the product rights of Lonestar Specialty Vehicles’ (LSV) electric terminal tractor product line in the United States. This strategic move, poised to reinforce Kalmar’s commitment to sustainable solutions, marks a pivotal step in the evolution of its terminal tractor offerings.

Under the terms of this agreement, LSV will facilitate the transfer of immaterial assets to Kalmar while concurrently assuming the role of Kalmar’s contract manufacturing partner for the acquired electric terminal tractor product range. Scheduled for finalization on September 1, 2023, this transaction signifies a significant advancement in Kalmar’s pursuit of innovative and eco-friendly transport solutions.

Headquartered in Texarkana, Texas, Lonestar Specialty Vehicles has carved a niche as a trailblazer in the development and production of comprehensive electric vehicle solutions tailored for the commercial vehicle sector. With a notable milestone achieved in November 2019 with the deployment of its inaugural electric tractor, LSV has maintained its position as a prominent player in the US electric terminal tractor market.

As a testament to Kalmar’s unwavering commitment to enhancing its electric terminal tractor lineup, the newly acquired electric terminal tractor product line will be seamlessly integrated into Kalmar’s existing portfolio, debuting under the distinctive brand identity, Kalmar TX. This strategic expansion is aligned with Kalmar’s ongoing investment in advancing its electric terminal tractor series, currently underway with the development of its third-generation electric terminal tractor, poised for global distribution.

Enthusiastically anticipated, the Kalmar TX product line is set to make its inaugural appearance in the Americas region. It’s important to note that this transaction will have a negligible impact on Kalmar’s 2023 sales, further underscoring the calculated nature of this progressive move.

This acquisition serves as a powerful testament to Kalmar’s dedication to pioneering sustainable transportation solutions, solidifying its position as an industry leader at the forefront of innovation.

Further information for the press:

Hermanni Lyyski, Vice President, Terminal Tractors, Kalmar, tel. +358 20 777 4000

Maija Eklöf, Vice President, Marketing and Communications, Kalmar, tel. +358 20 777 4096, maija.eklof@kalmarglobal.com

Kalmar is the global leader in sustainable cargo handling for ports, terminals, distribution centres and heavy industry. With our extensive electric portfolio and global service network, we help our customers move towards safer, more eco-efficient and productive operations. Together, we develop innovative solutions that shape the future of our industry, improving our customers’ every move. www.kalmarglobal.com

Kalmar is part of Cargotec. Cargotec’s (Nasdaq Helsinki: CGCBV) sales in 2022 totalled approximately EUR 4.1 billion and it employs around 11,700 people. www.cargotec.com

SOURCE: CARGOTEC CORPORATION