Hiab Corporation

This article is about the Finnish company. For the Swedish company owned by Hiab Corporation, see Hydrauliska Industri AB.

Hiab Corporation
Native name
Hiab Oyj
FormerlyCargotec Corporation
Company typeJulkinen osakeyhtiö
Nasdaq Helsinki: HIAB
IndustryIndustrial machinery
PredecessorCargotec
FoundedJune 2005 (2005-06)
Headquarters
Helsinki
,
Finland
Area served
Worldwide
Key people
  • Jukka Moisio (Chairman)
  • Scott Phillips (President and CEO)
  • Mikko Puolakka (CFO)
ProductsHiab: loader cranes, forestry and recycling cranes, demountables, truck-mounted forklifts and tail lifts

Formerly:
Kalmar: automation and integration solutions for terminals, straddle and shuttle carriers, reachstackers, empty container handlers, terminal tractors and forklift trucks, spreaders and bulk handling systems
MacGregor: hatch covers, lashing systems, cargo handling cranes, RoRo equipment, winches and offshore load handling systems

[1]
Revenue
  • €1,556 million (2025)
  • €213 million (2025)
  • €164 million (2025)
Total assets
  • €1,628.2 million (2025)
Total equity
  • €1,010.0 million (2025)
OwnerHerlin family (ca. 69% of votes)
Number of employees
4,053 (December 2025)[2]
Websitewww.hiabgroup.com
Footnotes / references
[3]

Hiab Corporation (natively Hiab Oyj; formerly Cargotec Corporation, natively Cargotec Oyj) is a Finnish industrial machinery company. It provides on-road load-handling solutions for various customer groups, which the company refers to as essential industries.[4]

Hiab's offering consists of loader cranes (Hiab, Effer, Argos and Ing brands), truck-mounted forklifts (Moffett and Princeton), Loglift forestry cranes, Jonsered recycling cranes, Multilift demountables and hooklifts, Galfab roll-off cable hoists and tail lifts (Zepro, Del and Waltco brands). Hiab's service brand is Hi-Perform. [5]

From Cargotec to Hiab

Previously as Cargotec, the company consisted of three business areas Kalmar, Hiab and MacGregor. At that time the company produced cargo and load handling equipment and services to ships, ports, terminals and local distribution. From 2023 to 2025, the former Cargotec underwent a major transformation and a partial demerger:

  • The Kalmar business was separated into a new listed company, Kalmar Corporation, with the demerger registered on 30 June 2024.[6]
  • The MacGregor business was sold, with the sale closed on 31 July 2025.[7]
  • With Hiab being the only remaining Cargotec's business area, Cargotec's Annual General Meeting approved the company name change from Cargotec Corporation to Hiab Corporation (Hiab Oyj in Finnish) on 26 March 2025.[8][9]
  • Hiab entered Nasdaq Helsinki on 1 April 2025.[10]

Recent activities

In November 2025, Hiab announced that it had signed an agreement to acquire the Brazilian crane manufacturer ING Cranes for an undisclosed amount.[11] The acquisition was completed in January 2026.[12]

In January 2026, Hiab announced that it plans changes to its operating model, drives cost reductions and changes its leadership team.[13]

History

Cargotec Corporation (2005–2025)

Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new Kone. After the split, Kone Corporation's marine cargo handling (MacGregor), container handling (Kalmar Industries AB) and load handling (HIAB and Moffett, the latter being based in Ireland and acquired in 2000) business units formed Cargotec. However, the businesses within Cargotec have much longer histories and they have been formed through a series of mergers and acquisitions during several decades.

Cargotec's Kalmar business area started to take shape in 1997 when Partek Corporation acquired the Finnish state-owned Sisu Ltd including its terminal tractor business. During the same year, Partek acquired a major shareholding in Kalmar Industries Ltd, a container handling equipment producer.[14]

The foundations of Cargotec's Hiab business area were laid in 1977 when Partek Corporation bought Multilift Group. In 1985, Partek acquired Hydrauliska Industrier Ltd (HIAB) and Jonsered forestry cranes. A couple of years later Partek strengthened its forestry crane expertise by acquiring that particular business line from Fiskars. Several business acquisitions in 2000 enforced the load handling business. In 2004, the name HIAB was taken into use for the whole load handling business in Cargotec.[15]

MacGregor originates from England where it started to serve shipping companies and shipyards in 1937. The marine cargo business of the company in a broader meaning started in 1983 when MacGregor merged with the Finnish Navire. In 1993, Incentive acquired MacGregor-Navire and merged it with Hägglunds Marine. In 1998, the majority of MacGregor was sold to Industri Kapital. In 2005, Cargotec bought MacGregor International AB, the global marine cargo flow solutions provider, to strengthen the company's cargo handling offering. Several mergers and acquisitions have taken place since to further strengthen MacGregor.[16]

Around 2010, Cargotec prepared a separation and possible listing of MacGregor in Singapore. Due to market conditions and focusing on integration of major acquisitions, Cargotec's Board of Directors decided in October 2013 to delay the listing.[17]

On 1 October 2020, Cargotec and Konecranes announced that they have agreed to a merger. The deal will require two thirds of the shareholders and is expected to complete in the fourth quarter of 2021.[18] The merger was cancelled in March 2022 after the UK Competition & Markets Authority blocked the merger between the companies.[19]

Demerger of Cargotec

In April 2023, Cargotec announced that the company Board of Directors had decided to investigate and start a process to potentially separate the businesses areas Kalmar and Hiab into two standalone companies.[20]

In February 2024, Cargotec published a release stating that the company Board of Directors had approved a demerger plan concerning the separation of Kalmar into a new listed company. The demerger is subject to approval by the Annual General Meeting (AGM) of Cargotec, held on 30 May 2024.[21]

On 30 May 2024, Cargotec's Annual General Meeting resolved on the partial demerger of Cargotec Corporation in accordance with the demerger plan.[22]

On 30 June 2024, the completion of the partial demerger of Cargotec Corporation was registered in the Finnish Trade Register.[23]

On 14 November 2024, Cargotec announced that it will sell its MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million.[24]

On 26 March 2025, Cargotc's Annual General Meeting approved that the company Articles of Association is amended so that the company's new name is Hiab Oyj (in Finnish) and Hiab Corporation (in English).[25]

The change of the parent company name from Cargotec Corporation to Hiab Corporation was registered with the Finnish Trade Register on 31 March 2025.[26]

Hiab entered Nasdaq Helsinki on 1 April 2025.[27]

The completion of the divestment of former Cargotec's third business area MacGregor was announced on 31 July 2025.[28]

Ownership

At the end of 2025, Hiab's largest shareholders were Wipunen varainhallinta oy (23.67 percent of total votes), Mariatorp Oy (22.87% of votes) and Pivosto Oy (22.21% of votes). Wipunen varainhallinta Oy is controlled by Ilkka Herlin, Mariatorp Oy by Heikki Herlin and Pivosto Oy by Ilona Herlin. [29]

References

  1. ^ "Hiab publishes its 2025 annual report and financial statements". Nasdaq Helsinki. Retrieved 3 March 2026.
  2. ^ "Hiab's financial statements review 2025: Comparable operating profit margin continued to improve in 2025". Nasdaq Helsinki. Retrieved 3 March 2026.
  3. ^ "CGCBV, Hiab Oyj, (FI4000571013) - Nasdaq". nasdaqomxnordic.com.
  4. ^ "Hiab investor presentation" (PDF). Hiab Group. 26 February 2026. Retrieved 3 March 2026.
  5. ^ "Hiab > About us". Hiab Group. 20 February 2026. Retrieved 4 March 2026.
  6. ^ "The partial demerger of Cargotec has been registered – Kalmar to be listed on Nasdaq Helsinki". Nasdaq Helsinki. 30 June 2024. Retrieved 27 October 2025.
  7. ^ "Inside information: Cargotec sells MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million to support Hiab's future growth". Nasdaq Helsinki. 14 November 2024. Retrieved 27 October 2025.
  8. ^ "Decisions taken at Cargotec's Annual General Meeting 2025". Nasdaq Helsinki. 26 March 2025. Retrieved 3 March 2026.
  9. ^ "CARGOTEC CORPORATION: CHANGE OF COMPANY NAME, TRADING, AND ISSUER CODES". Nasdaq Helsinki. 28 March 2025. Retrieved 27 October 2025.
  10. ^ "Hiab enters Nasdaq Helsinki, driving sustainable growth and value following name change from Cargotec". Hiab Press Release. Hiab. 1 April 2025. Retrieved 27 October 2025.
  11. ^ "Hiab acquires ING Cranes". vertikal.net. Retrieved 26 November 2025.
  12. ^ "Hiab completes the acquisition of ING Cranes". hiabgroup.com. Retrieved 3 March 2026.
  13. ^ "INSIDE INFORMATION: Hiab plans to evolve operating model to drive scalability and customer focus and provides update on programme targeting lower cost level". Nasdaq Helsinki. Hiab. 3 March 2026. Retrieved 20 January 2026.
  14. ^ "Kalmar's history extends back almost a century". Kalmar Global. Retrieved 27 October 2025.
  15. ^ "Hiab:80 years of Innovation in Load Handling Solutions". Hiab Corporation. Retrieved 28 October 2025.
  16. ^ "MacGregor - Smarter cargo flow". MacGregor. Retrieved 27 October 2025.
  17. ^ "Cargotec's financial statements review 2013: orders and cash flow strengthened towards the year-end". Nasdaq Helsinki. 4 February 2014. Retrieved 27 October 2025.
  18. ^ "Cargotec and Konecranes to merge, creating a global leader in sustainable material flow". Nasdaq Helsinki. Cargotec. 1 October 2020. Retrieved 1 October 2020.
  19. ^ "The UK CMA blocks the merger between Cargotec and Konecranes and thus the Companies have Jointly Decided to Cancel the Planned Merger". Nasdaq Helsinki. Cargotec. 29 March 2022. Retrieved 7 February 2023.
  20. ^ "Cargotec's Board of Directors has decided to investigate and start a process to potentially separate Kalmar and Hiab into two standalone companies". Nasdaq Helsinki. 19 April 2023. Retrieved 27 October 2025.
  21. ^ "Inside information: The Board of Directors of Cargotec has approved a demerger plan concerning the separation of Kalmar into a new listed company". Nasdaq Helsinki. 1 February 2024. Retrieved 27 October 2025.
  22. ^ "Decisions taken at Cargotec's Annual General Meeting 2024". Nasdaq Helsinki. 30 May 2024. Retrieved 27 October 2025.
  23. ^ "The partial demerger of Cargotec has been registered - Kalmar to be listed on Nasdaq Helsinki". Nasdaq Helsinki. 30 June 2024. Retrieved 27 October 2025.
  24. ^ "Inside information: Cargotec sells MacGregor business to funds managed by Triton for an enterprise value of EUR 480 million to support Hiab's future growth". Nasdaq Helsinki. 14 November 2024. Retrieved 27 October 2025.
  25. ^ "Decisions taken at Cargotec's Annual General Meeting 2025". Nasdaq Helsinki. 26 March 2025. Retrieved 27 October 2025.
  26. ^ "Hiab Oyj, company and organisation search at ytj.fi". YTJ.fi. Finnish Patent and Registration Office and Tax Administration. 31 March 2025. Retrieved 27 October 2025.
  27. ^ "Hiab enters Nasdaq Helsinki, driving sustainable growth and value following name change from Cargotec". Hiab Press Release. Hiab. 1 April 2025. Retrieved 27 October 2025.
  28. ^ "Hiab has closed the sale of MacGregor". Hiab Press Release. Hiab. 31 July 2025. Retrieved 27 October 2025.
  29. ^ "Major shareholders". Hiab Group. Retrieved 3 March 2026.
  • Media related to Cargotec at Wikimedia Commons
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