CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 11 OCTOBER 2016 AT 9.45 AM (EEST)
Cargotec has received a verdict of damages of USD 13 million in local jury trial in the USA
Cargotec has received a USD 13 million verdict in a local jury trial in Hempstead, USA. The verdict is subject to the local judge's confirmation. Verdict is related to business acquisition negotiations Cargotec USA had in 2010 and 2011. The negotiations were closed without results. The claim is based on Cargotec having breached confidentiality obligations related to the negotiations.
Cargotec disputes the claim and will appeal to the Court of Appeals. Cargotec estimates that the verdict does not have an impact on the 2016 result.
For further information, please contact:
Outi Aaltonen, Senior Vice President, General Counsel, tel. +358 20 777 4020
Hanna-Maria Heikkinen, Vice President, Investor Relations, tel. +358 20 777 4084
Cargotec (Nasdaq Helsinki: CGCBV) is a leading provider of cargo and load handling solutions with the goal of becoming the leader in intelligent cargo handling. Cargotec's business areas Kalmar, Hiab and MacGregor offer products and services that ensure our customers a continuous, reliable and sustainable performance. Cargotec's sales in 2015 totalled approximately EUR 3.7 billion and it employs over 11,000 people. www.cargotec.com