Citec is an international multi-discipline engineering and information management services provider with headquarters in Vaasa, Finland.
The transaction includes the transfer of Cargotec’s current engineering business and its 110 employees from Cargotec to Citec. The parties have agreed not to disclose the transaction value.
Cargotec’s engineering centre in Pune has been involved in engineering projects for the global cargo handling industry. The unit in Pune as well as Citec’s other global units will provide Cargotec and its businesses Hiab, Kalmar and MacGregor engineering and project management services, as well as technical documentation.
The partnership with Citec allows Cargotec to focus on its core businesses in India, while utilising competitive engineering services in a more flexible and effective way.
“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,” said Olli Isotalo, President at Cargotec Kalmar.
Citec has been present in India for ten years, now with more than 530 employees in total with offices in Mumbai, Chennai, Bangalore and Pune.
Cargotec employs a total of 315 people in various locations in India after the divestment.