CARGOTEC CORPORATION, TRADE PRESS RELEASE, 24 AUGUST 5 PM (EEST)
Kalmar, part of Cargotec, has signed an agreement to acquire the product rights of the electric terminal tractor product line from Lonestar Specialty Vehicles (LSV) in the United States. As part of the transaction, LSV will transfer the immaterial assets for Kalmar and act as Kalmar’s contract manufacturing partner for the acquired electric terminal tractor product range. The transaction is planned to be completed on 1 September 2023.
Lonestar Specialty Vehicles, headquartered in Texarkana, Texas, is specialized in the development and manufacturing of turnkey electric vehicle solutions for the commercial vehicle market. The company deployed the first electric tractor in November 2019, and continues to have a leading position in electric terminal tractors in the US market.
Hermanni Lyyski, Vice President, Terminal Tractors, Kalmar, said: “Kalmar is the industry forerunner in eco-efficient cargo and material handling solutions with a strong track record of delivering industry-firsts in the electric range. The demand for electric terminal tractors is increasing and we want to make sure we have a comprehensive portfolio of electric vehicles available for the market. It is a key strategic objective for us to advance our own and our customers’ decarbonisation journey, and we are excited to widen our existing range of electric solutions with the acquired electric terminal tractor product range.“
The new electric terminal tractor product line will be added into Kalmar terminal tractor portfolio under the brand name Kalmar TX. Kalmar continues to invest in deepening its electric terminal tractor range, and is currently developing its third generation electric terminal tractor for the global market. The new Kalmar TX product line will be available in the Americas region. The transaction will not have a significant impact on Kalmar’s sales in 2023.
Further information for the press:
Hermanni Lyyski, Vice President, Terminal Tractors, Kalmar, tel. +358 20 777 4000
Maija Eklöf, Vice President, Marketing and Communications, Kalmar, tel. +358 20 777 4096, maija.eklof@kalmarglobal.com
Kalmar is the global leader in sustainable cargo handling for ports, terminals, distribution centres and heavy industry. With our extensive electric portfolio and global service network, we help our customers move towards safer, more eco-efficient and productive operations. Together, we develop innovative solutions that shape the future of our industry, improving our customers’ every move. www.kalmarglobal.com
Kalmar is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2022 totalled approximately EUR 4.1 billion and it employs around 11,700 people. www.cargotec.com