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MarketScreener Homepage  >  Equities  >  Nasdaq Stockholm  >  Cavotec SA    CCC   CH0136071542

CAVOTEC SA

(CCC)
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Press Release : Cavotec to focus on growing markets for sustainability solutions in Ports & Maritime and Industry -- Initiates process to divest the Airports business

03/05/2021 | 02:00am EDT
 
   Cavotec will focus resources and make investments to further develop its 
leading position within electrification and automation for improved 
sustainability in its fast-growing ports & maritime and specialized 
industrial applications markets and, as a consequence, will divest its 
Airports business. 
 
   As the market trends and regulatory requirements are expected to drive 
significant growth in demand for shore power, automated mooring and port 
and industry electrification, Cavotec has decided to focus resources and 
investments in these areas to further strengthen its position and 
accelerate its growth. Cavotec has subsequently taken a decision to 
initiate a process to divest its Airports business. 
 
   Currently, Airports accounts for approximately 25 per cent of Cavotec's 
revenue with about 240 employees. Cavotec estimates that a sale of the 
Airports business can be completed during 2021. In future Cavotec will 
report Airports separately, commencing with the interim report for the 
first quarter of 2021. This report will now be published on Wednesday 
May 12, 2021. 
 
   "We are now optimizing and streamlining our portfolio to enable us to 
focus on the fast-growing ports & maritime market for profitable 
sustainability solutions as well as leveraging on the technology 
synergies with our Industry business, such as connectivity and high 
power and high speed electrical charging", says Mikael Norin, CEO of 
Cavotec. 
 
   "Our Airports business is a fine business, and we have a strong position 
in offering flexible gate solutions to airports. However, as the 
Airports business in many ways is quite different to Cavotec's core and 
with few technology synergies, we believe the business would be better 
suited to develop and grow under the leadership of a company that has a 
broader position in the aviation industry", Norin adds. 
 
   The decision is the result of a strategic assessment with a thorough 
market analysis of the electrification and efficiency trends in the 
ports & maritime market as well as the segments Cavotec operates in for 
industrial equipment. With an expected accelerated adoption of 
electrification and automation solutions at thousands of ports around 
the world and for millions of pieces of industry assets, Cavotec has an 
opportunity to strengthen its market leading position by focusing on its 
core products such as shore power, automated mooring (MoorMaster), reels, 
electrical charging of commercial vehicles as well as its wide service 
portfolio to support its customers. 
 
   "Through this strategic change, we will advance our position to enable a 
future world that is cleaner, safer and more efficient through our 
profitable sustainability solutions for ports & maritime and industry 
applications", Norin adds. "We will during the coming months make 
further announcements on investments in products, technology and 
capabilities as part of the implementation of our new focused strategy", 
Norin concludes. 
 
   Cavotec will hold a conference call today 5 March 2021 at 12:00 CET to 
answer questions with regards to today's announcement. Mikael Norin, CEO, 
and Glenn Withers, CFO will participate in the call. For call-in details, 
please see below. 
 
   Conference call in connection with publication of the press release 
 
   Conference call Dial-in numbers: 
 
   Sweden: +46850558355 
 
   United Kingdom: +443333009260 
 
   United States: +18338230587 
 
   Weblink: https://tv.streamfabriken.com/cavotec-press-conference 
 
   ENDS 
 
   For further details please contact: 
 
   Johan Hähnel 
 
   Investor Relations Manager 
 
   Telephone: +46 70 605 63 34. Email: 
https://www.globenewswire.com/Tracker?data=hNiOD7PBNjj7GclwfrFoniMkpYnxci8oR9DWG7SCIgg4DQQRXGSWpTpJ7sv4koaGiXNymB1bnkLNJ6CJv7w0vSylXRHpLGLqKNBjhJY1HiQ= 
investor@cavotec.com 
 
   This is information that Cavotec SA is obliged to make public pursuant 
to the EU Market Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person set out above, at 
08:00 CET on 5 March 2021. 
 
   About Cavotec 
 
   Cavotec is a leading engineering group that designs and manufactures 
automated connection and electrification systems for ports and 
industrial applications worldwide. Cavotec's innovative technologies 
ensure safe, efficient and sustainable operations. To find out more 
about Cavotec, visit our website at cavotec.com. 
 
   Attachment 
 
 
   -- Press Release 5 March 2021 
      https://ml-eu.globenewswire.com/Resource/Download/8288c8e9-556b-4c8f-968f-388178387293 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

March 05, 2021 02:00 ET (07:00 GMT)

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Financials
Sales 2021 192 M 230 M 230 M
Net income 2021 11,8 M 14,1 M 14,1 M
Net Debt 2021 12,0 M 14,4 M 14,4 M
P/E ratio 2021 17,4x
Yield 2021 -
Capitalization 213 M 253 M 254 M
EV / Sales 2021 1,17x
EV / Sales 2022 0,98x
Nbr of Employees 747
Free-Float 46,5%
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Number of Analysts 1
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Last Close Price 23,00 
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Managers and Directors
NameTitle
Mikael Curt Norin Group Chief Executive Officer
Glenn Campbell Withers Group Chief Financial Officer
Patrik Tigerschiöld Chairman
Giorgio Lingiardi Group Chief Information Officer
Martin Riegger Group COO & Group Senior Vice President-Operations
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