Citec has entered into a long-term partnership with Cargotec, where Cargotec transfers its engineering centre in Pune, India, to Citec. The transaction includes the transfer of Cargotec’s current engineering business and its 110 employees from Cargotec to Citec. Cargotec’s engineering centre in Pune is involved in engineering projects for the global cargo handling industry. For Citec, the transaction enables a fast growth in India, as well as strengthened engineering competence for the manufacturing industry. The agreement comes into effect as of June 13, 2014.
"Cargotec has sought after an engineering partner in India, and Citec’s solid experience and track-record in working globally from India made the decision straightforward. This partnership allows Cargotec better flexibility and efficiency, while simultaneously offering great career opportunities for our 110 engineers in Pune. Our strategic intent is to continue to grow and strengthen the market position of the Hiab, Kalmar and MacGregor businesses in India," says Olli Isotalo, President, Kalmar at Cargotec.
Citec’s global units will provide Cargotec and its business Hiab, Kalmar and MacGregor engineering and project management services, as well as technical documentation services, for their projects worldwide.
"This is a significant step for our operations in India, and it also provides great business opportunities elsewhere. We are ready to serve Cargotec proactively according to our strategic intent, with smart engineering solutions and a wide competence", says Martin Strand, CEO, Citec.
Citec has been present in India for ten years, now with more than 530 employees in total with offices in Mumbai, Chennai and Bangalore. The Cargotec team and office in Pune will become a fully integrated part of Citec’s operations as of June 13, 2014.
"We continue to grow as a diverse engineering solutions provider, benefiting from the combined offerings, resources and global footprint of the two companies. Above all, we are pleased to welcome new colleagues on board to Citec, and are proud of the trust that Cargotec shows us via the partnership. We are committed to deliver the highest level of engineering services with flexibility, global and local expertise", says Nasir Mulani, Managing Director, Citec India.
The parties have agreed not to disclose the transaction value.