Cargotec makes strategic buyout
Published: Jul 01, 2012
Australia - Cargotec has acquired automation technology and competence from an Australian rail freight and ports firm in a bid to become an automated solutions provider.
With the agreement, Asciano, Australia's largest rail freight and ports operator, will become part of Cargotec Australia from 1 July.
The acquisition marks a strategic step for the company in the ports and terminals industry.
With the buyout, Cargotec has fully acquired Asciano's automation technology assets, and will also see the transfer of the Australian firm's 23 employees.
The purchase of Asciano's automation technology allows it to deliver turnkey solutions for its global automation projects.
"This complements well our existing terminal equipment automation portfolio and we see excellent opportunities for growth and innovation," Olli Isotalo, executive vice president of terminals at Cargotec said.
Both companies did not reveal the transaction value.
Having been partners for years, Cargotec provides maintenance and operational support, while Asciano manages the automation technology for its ports and equipment.
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