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Judicial process concerning Cargotec completed in the US, opponent’s Petition for Review denied

Cargotec Corporation
·1-min read

CARGOTEC CORPORATION, PRESS RELEASE, 9 OCTOBER 2020 AT 3:00 PM (EEST)

Judicial process concerning Cargotec completed in the US, opponent’s Petition for Review denied

The judicial process concerning Cargotec has been completed in the US. On 2 October 2020, the Supreme Court of Texas denied Cargotec’s opponent’s Petition for Review.

The claim was based on Cargotec allegedly having breached confidentiality obligations related to the negotiations. Cargotec received in October 2016 a USD 13 million verdict in a local jury trial in Hempstead, USA. The verdict was related to business acquisition negotiations Cargotec USA had in 2010 and 2011. The negotiations were closed without results. In December 2018, Cargotec won its appeal to dispute the verdict of damages. The opponent appealed to the Supreme Court of Texas.

The decision has no impact on Cargotec’s financials.

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) 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's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com