Hiab to Acquire Florida Service Company

July 24, 2007 • Hiab, a business segment providing load-handling solutions within Cargotec, Helsinki, Finland, has signed an agreement to acquire Bay Equipment Repairs Inc., Tampa, Fla. The service company is a long-term partner of Hiab, and it offers shop and mobile services in Florida to a variety of customers, most of which are Hiab customers.

Bay Equipment Repairs had sales of approximately U.S. $1.38 million in 2006, and the company employs 13 people. Bay Equipment Repairs will be integrated to Hiab's U.S. service organization, further strengthening the company's service coverage in the Florida market.

Cargotec is a leading provider of cargo handling solutions. Cargotec's brands include Hiab, Kalmar and MacGREGOR.