Blue Yonder and Snowflake partner to unlock SCM data

Blue Yonder, a leader in digital supply chain and omni-channel commerce fulfilment, and Snowflake, the Data Cloud company, have formed a partnership to transform access to disparate data for supply chain management.

Blue Yonder’s Luminate Platform, Powered by Snowflake, is an end-to-end supply chain solution that enables retailers, manufacturers and third-party logistics providers (3PLs) to better predict, prevent and resolve disruptions across their business in order to mitigate risks and tackle growing industry supply chain challenges.

Blue Yonder is partnering with Snowflake for its unique ability to meet the diverse requirements of Luminate customers and its shared vision to eliminate data silos in the industry. The two companies will collaborate to address the evolving supply chain needs of joint customers with the goal of making data more accessible and actionable.

Bringing together Blue Yonder’s Luminate Platform and the Snowflake Data Cloud will empower joint customers with an end-to-end visibility into their supply chain for faster, more accurate and informed decision making. Starting with Luminate Control Tower and Luminate Demand Edge, joint customers will be able to use a single-source data infrastructure that eliminates workstream siloes and provides real-time, end-to-end orchestration across planning, execution and commerce.

In addition, as part of the partnership, Blue Yonder will leverage Snowflake’s newly announced Retail Data Cloud, which unites Snowflake’s integrated data platform, Snowflake- and partner-delivered solutions, and industry-specific datasets and models.

Now Powered by Snowflake, Luminate Platform will provide:

  • Scalability. Blue Yonder’s customers will be able to quickly aggregate and transform data, build out machine learning (ML) models, and ingest data into the platform for faster processing and better scalability.
  • Speed. Customers will be able to process data much faster, enabling comprehensive insights and automated decisions that drive more effectiveness and efficiencies across their organisations.
  • Reduced data redundancies. Organisations will be able to work from a single source of data truth. This eliminates disparate data and siloed workflows across applications to ensure common data usage and integrated workflows.

“In today’s dynamic environment, our customers need to have a single source of truth at their fingertips to better manage disruptions and understand the impacts – both short- and long-term – of decisions made within their supply chains,” said Mark Morgan, Interim CEO, Blue Yonder.

“By partnering with Snowflake, we are able to help our customers transform their access to disparate data – and how they leverage it – so they can better predict and pivot before disruptions occur, understand any potential impacts, and put in place prescriptive steps to mitigate risks to get back on-track to meet customer expectations.”

“Our partnership with Blue Yonder will help prepare the supply chain across retailers, brands, manufacturers, and 3PLs with a data-driven future,” said Rosemary Hua, Global Industry Lead, Retail and CPG at Snowflake.

“With Luminate Platform, Powered by Snowflake, joint customers can uncover a single source of truth from planning through execution, connecting their business from end-to-end to reduce supply chain risks, enhance customer experiences, and help drive business growth.”

Blue Yonder’s Luminate Platform is a single-source data infrastructure that eliminates workstream siloes and provides end-to-end supply chain visibility and orchestration across planning, execution and commerce. Blue Yonder’s Luminate Control Tower functions as the nerve centre of the platform, providing end-to-end visibility for faster, more accurate and more automated decision making.

Luminate Platform leverages artificial intelligence (AI) and ML to empower users with prescriptive resolutions to disruptions and challenges, taking prioritisation and impact analysis into account to reduce supply chain risks, optimise inventory positions, reduce logistics costs, and maximise customer experiences and revenue.

Blue Yonder and Snowflake partner to unlock SCM data

Blue Yonder, a leader in digital supply chain and omni-channel commerce fulfilment, and Snowflake, the Data Cloud company, have formed a partnership to transform access to disparate data for supply chain management.

Blue Yonder’s Luminate Platform, Powered by Snowflake, is an end-to-end supply chain solution that enables retailers, manufacturers and third-party logistics providers (3PLs) to better predict, prevent and resolve disruptions across their business in order to mitigate risks and tackle growing industry supply chain challenges.

Blue Yonder is partnering with Snowflake for its unique ability to meet the diverse requirements of Luminate customers and its shared vision to eliminate data silos in the industry. The two companies will collaborate to address the evolving supply chain needs of joint customers with the goal of making data more accessible and actionable.

Bringing together Blue Yonder’s Luminate Platform and the Snowflake Data Cloud will empower joint customers with an end-to-end visibility into their supply chain for faster, more accurate and informed decision making. Starting with Luminate Control Tower and Luminate Demand Edge, joint customers will be able to use a single-source data infrastructure that eliminates workstream siloes and provides real-time, end-to-end orchestration across planning, execution and commerce.

In addition, as part of the partnership, Blue Yonder will leverage Snowflake’s newly announced Retail Data Cloud, which unites Snowflake’s integrated data platform, Snowflake- and partner-delivered solutions, and industry-specific datasets and models.

Now Powered by Snowflake, Luminate Platform will provide:

  • Scalability. Blue Yonder’s customers will be able to quickly aggregate and transform data, build out machine learning (ML) models, and ingest data into the platform for faster processing and better scalability.
  • Speed. Customers will be able to process data much faster, enabling comprehensive insights and automated decisions that drive more effectiveness and efficiencies across their organisations.
  • Reduced data redundancies. Organisations will be able to work from a single source of data truth. This eliminates disparate data and siloed workflows across applications to ensure common data usage and integrated workflows.

“In today’s dynamic environment, our customers need to have a single source of truth at their fingertips to better manage disruptions and understand the impacts – both short- and long-term – of decisions made within their supply chains,” said Mark Morgan, Interim CEO, Blue Yonder.

“By partnering with Snowflake, we are able to help our customers transform their access to disparate data – and how they leverage it – so they can better predict and pivot before disruptions occur, understand any potential impacts, and put in place prescriptive steps to mitigate risks to get back on-track to meet customer expectations.”

“Our partnership with Blue Yonder will help prepare the supply chain across retailers, brands, manufacturers, and 3PLs with a data-driven future,” said Rosemary Hua, Global Industry Lead, Retail and CPG at Snowflake.

“With Luminate Platform, Powered by Snowflake, joint customers can uncover a single source of truth from planning through execution, connecting their business from end-to-end to reduce supply chain risks, enhance customer experiences, and help drive business growth.”

Blue Yonder’s Luminate Platform is a single-source data infrastructure that eliminates workstream siloes and provides end-to-end supply chain visibility and orchestration across planning, execution and commerce. Blue Yonder’s Luminate Control Tower functions as the nerve centre of the platform, providing end-to-end visibility for faster, more accurate and more automated decision making.

Luminate Platform leverages artificial intelligence (AI) and ML to empower users with prescriptive resolutions to disruptions and challenges, taking prioritisation and impact analysis into account to reduce supply chain risks, optimise inventory positions, reduce logistics costs, and maximise customer experiences and revenue.

BMW to host IFOY awards ceremony

This year, the IFOY AWARD Night will be hosted by the BMW Group. The awards ceremony will take place on 30th June at BMW Welt in Munich. The trophies of the IFOY AWARD 2022 (International Intralogistics and Forklift Truck of the Year) will be ceremoniously presented to the winners of the intralogistics competition in the almost 1,000 sq m auditorium of the futuristic delivery and event venue. The IFOY organisation expects more than 200 international guests from business, science and the media to attend the evening.

It is not the first time that BMW Welt has provided a spectacular backdrop for the awards ceremony. The trophies, also known as the “Oscars of intralogistics”, were presented to the winners for the first time in 2017 at BMW Welt – at that time in the so-called double cone.

“The BMW Group is one of the biggest users of new, innovative logistics solutions in the automotive industry worldwide. We are therefore very pleased to be guests at BMW Welt with the world’s largest intralogistics competition,” emphasises Anita Würmser, chairwoman of the jury.

“The BMW Group has traditionally invested for a long time not only in the development of innovative and sustainable vehicles and mobility solutions, but also in efficient, sustainable and forward-looking solutions in the production and logistics network – LEAN. GREEN. DIGITAL,” emphasises Dr Michael Nikolaides, Senior Vice President BMW Group Production Network, Logistics. “We are very pleased to have the opportunity to set the stage for the IFOY AWARD 2022.”

This year, 14 devices and solutions from 12 manufacturers made it to the final round of the 10th staging of the competition. The finalists cover the entire spectrum of in-plant logistics – from forklifts to autonomous mobile robots (AMR) and software to holistic automation projects for high-performance warehouses. All finalists went through the three-stage IFOY audit in March during the IFOY TEST DAYS at Messe Dortmund before the 25 jury members from 19 countries – with the UK exclusively represented by Logistics Business News Editor Peter MacLeod – cast their votes. The result, however, remains secret – for the public and the manufacturers – until the award ceremony in the BMW Welt.

 

BMW to host IFOY awards ceremony

This year, the IFOY AWARD Night will be hosted by the BMW Group. The awards ceremony will take place on 30th June at BMW Welt in Munich. The trophies of the IFOY AWARD 2022 (International Intralogistics and Forklift Truck of the Year) will be ceremoniously presented to the winners of the intralogistics competition in the almost 1,000 sq m auditorium of the futuristic delivery and event venue. The IFOY organisation expects more than 200 international guests from business, science and the media to attend the evening.

It is not the first time that BMW Welt has provided a spectacular backdrop for the awards ceremony. The trophies, also known as the “Oscars of intralogistics”, were presented to the winners for the first time in 2017 at BMW Welt – at that time in the so-called double cone.

“The BMW Group is one of the biggest users of new, innovative logistics solutions in the automotive industry worldwide. We are therefore very pleased to be guests at BMW Welt with the world’s largest intralogistics competition,” emphasises Anita Würmser, chairwoman of the jury.

“The BMW Group has traditionally invested for a long time not only in the development of innovative and sustainable vehicles and mobility solutions, but also in efficient, sustainable and forward-looking solutions in the production and logistics network – LEAN. GREEN. DIGITAL,” emphasises Dr Michael Nikolaides, Senior Vice President BMW Group Production Network, Logistics. “We are very pleased to have the opportunity to set the stage for the IFOY AWARD 2022.”

This year, 14 devices and solutions from 12 manufacturers made it to the final round of the 10th staging of the competition. The finalists cover the entire spectrum of in-plant logistics – from forklifts to autonomous mobile robots (AMR) and software to holistic automation projects for high-performance warehouses. All finalists went through the three-stage IFOY audit in March during the IFOY TEST DAYS at Messe Dortmund before the 25 jury members from 19 countries – with the UK exclusively represented by Logistics Business News Editor Peter MacLeod – cast their votes. The result, however, remains secret – for the public and the manufacturers – until the award ceremony in the BMW Welt.

 

PALLITE launches high-density storage solutions in US

PALLITE, an award-winning international designer and manufacturer of 100% recyclable high-density storage units, has launched to the US market with a new manufacturing base in Milwaukee and a presence at the MODEX trade show.

Building on its existing global success, PALLITE’s innovative storage units, PIX, transform warehouses by consolidating pick-faces to maximise available space.

PALLITE PIX is a range of lightweight, flexible, and robust storage and shelving units designed to flex to the ever-changing demands of the modern warehouse. This innovative range of modular storage units can be designed to each customer’s individual requirements, maximising every inch of warehouse space, revolutionising picking efficiencies and improving pick accuracy.

Constructed from honeycomb board, PIX units can be built in minutes with no tools or expensive installation costs. The durability of each pick-face is impressive, even after the repetition of picking, the pick face retains its form and rigidity to prevent sagging and damage.

The use of interchangeable dividers allows users to quickly introduce multiple additional pick faces to suit product needs and eliminate dead space. One major UK retailer required 9,000 pick-faces quickly to cope with its expanding e-commerce sales. PALLITE rapidly designed custom units with 96 pick locations per unit for delivery within two weeks. The customer was able to build all units on site within eight hours.

Lightweight and forklift compatible, PIX units come fitted with pallet feet to allow easy movement.

Customers can choose from an extensive standard range or opt for a tailor-made solution, allowing them to specify units that meet their own space or pick-face requirements. The recent addition of an angled shelf unit allows customers to specify a picking solution that solves the problem of SKUs sliding out the front of the pick-face. Each shelf has a smooth edge applied for labelling to allow for items to be easily identified to improve pick accuracy. The PALLITE PIX range is strong enough to hold up to up to 1,100lb (500kg) per unit and remains lightweight to protect teams from manual handling injuries.

“Consumer demands are ever-changing, and supply chains are always under pressure to squeeze the asset against headwinds. With shifts in sales density and store sizes changing, labour and fuel inflation, as well as more dynamic consumers, it is more important than ever to focus on more flexible use of space and improving productivity,” said Iain Hulmes, PALLITE Group CEO.

PALLITE launches high-density storage solutions in US

PALLITE, an award-winning international designer and manufacturer of 100% recyclable high-density storage units, has launched to the US market with a new manufacturing base in Milwaukee and a presence at the MODEX trade show.

Building on its existing global success, PALLITE’s innovative storage units, PIX, transform warehouses by consolidating pick-faces to maximise available space.

PALLITE PIX is a range of lightweight, flexible, and robust storage and shelving units designed to flex to the ever-changing demands of the modern warehouse. This innovative range of modular storage units can be designed to each customer’s individual requirements, maximising every inch of warehouse space, revolutionising picking efficiencies and improving pick accuracy.

Constructed from honeycomb board, PIX units can be built in minutes with no tools or expensive installation costs. The durability of each pick-face is impressive, even after the repetition of picking, the pick face retains its form and rigidity to prevent sagging and damage.

The use of interchangeable dividers allows users to quickly introduce multiple additional pick faces to suit product needs and eliminate dead space. One major UK retailer required 9,000 pick-faces quickly to cope with its expanding e-commerce sales. PALLITE rapidly designed custom units with 96 pick locations per unit for delivery within two weeks. The customer was able to build all units on site within eight hours.

Lightweight and forklift compatible, PIX units come fitted with pallet feet to allow easy movement.

Customers can choose from an extensive standard range or opt for a tailor-made solution, allowing them to specify units that meet their own space or pick-face requirements. The recent addition of an angled shelf unit allows customers to specify a picking solution that solves the problem of SKUs sliding out the front of the pick-face. Each shelf has a smooth edge applied for labelling to allow for items to be easily identified to improve pick accuracy. The PALLITE PIX range is strong enough to hold up to up to 1,100lb (500kg) per unit and remains lightweight to protect teams from manual handling injuries.

“Consumer demands are ever-changing, and supply chains are always under pressure to squeeze the asset against headwinds. With shifts in sales density and store sizes changing, labour and fuel inflation, as well as more dynamic consumers, it is more important than ever to focus on more flexible use of space and improving productivity,” said Iain Hulmes, PALLITE Group CEO.

Datalogic acquires Czech algorithm developer

Datalogic S.r.l. has acquired the entire share capital of Pekat S.r.o. With its registered office in Brno in the Czech Republic, Pekat is a start-up founded by Petr Smid, the majority shareholder of the company, who has developed proprietary algorithms that use machine learning and deep learning for the automation of processes in the manufacturing, transportation and logistics sectors, with further potential for managing retail applications.

Pekat’s product is a highly innovative software based on proprietary algorithms that can be adapted and proposed in different fields of application, and compatible with different devices and platforms. Pekat’s software package perfectly combines with Datalogic’s hardware product lines. The joint offer will allow Datalogic to widen its product range with cutting-edge and easy-to-integrate solutions, to be offered to customers across industries to increase productivity and support their growth. The hardware-agnostic software can be used on third-party devices and platforms at the same time.

“We are excited about this acquisition, aimed at consolidating our machine and deep learning skills and enhance our hardware product range with solutions based on high-performance algorithms,” stated Valentina Volta, Group CEO of Datalogic. “Thanks to Pekat’s know-how and staff, Datalogic will continue to expand its software offering by developing additional algorithms.

“Customers are increasingly implementing automated solutions to enable their workers to focus on more complex and higher-value tasks. Machine learning and deep learning are key technologies to help them achieve this goal. Being able to count on the newly acquired Pekat, at a time of great challenges such as those imposed by the current global scenario, also enables us to evolve towards artificial intelligence (AI) solutions, which will be fundamental in meeting the constantly evolving needs of our customers.

“2022 is a fundamental year for Datalogic as it marks the 50th anniversary of its establishment, which we will also celebrate with the acquisition of Pekat. This acquisition proves Datalogic’s desire to strengthen its position as an innovator and to pursue its growth strategy, always looking for cutting-edge solutions for its customers.”

Petr Smid added: “At Pekat, we believe that tools such as artificial intelligence and machine vision improve the efficiency of processes in a wide variety of industries, with huge benefits for customers. By using artificial intelligence, computer vision and machine learning, automation will make the world better and faster.

“Our technology is independent from application areas and permits autonomous processes in different sectors, from production to transportation and logistics, up to retail. We are proud to join forces with Datalogic to expand the business worldwide.”

The value of the transaction amounts to €16m for the entire share capital, today held by a plurality of shareholders, the majority consisting of the founder and employees of the company, who will become part of the Datalogic Group. The acquisition is financed with available cash of the purchasing entity, without need for additional external sources of financing.

A part of the purchase price will be deposited in escrow and released within an agreed period of time upon the occurrence of certain conditions.

 

Datalogic acquires Czech algorithm developer

Datalogic S.r.l. has acquired the entire share capital of Pekat S.r.o. With its registered office in Brno in the Czech Republic, Pekat is a start-up founded by Petr Smid, the majority shareholder of the company, who has developed proprietary algorithms that use machine learning and deep learning for the automation of processes in the manufacturing, transportation and logistics sectors, with further potential for managing retail applications.

Pekat’s product is a highly innovative software based on proprietary algorithms that can be adapted and proposed in different fields of application, and compatible with different devices and platforms. Pekat’s software package perfectly combines with Datalogic’s hardware product lines. The joint offer will allow Datalogic to widen its product range with cutting-edge and easy-to-integrate solutions, to be offered to customers across industries to increase productivity and support their growth. The hardware-agnostic software can be used on third-party devices and platforms at the same time.

“We are excited about this acquisition, aimed at consolidating our machine and deep learning skills and enhance our hardware product range with solutions based on high-performance algorithms,” stated Valentina Volta, Group CEO of Datalogic. “Thanks to Pekat’s know-how and staff, Datalogic will continue to expand its software offering by developing additional algorithms.

“Customers are increasingly implementing automated solutions to enable their workers to focus on more complex and higher-value tasks. Machine learning and deep learning are key technologies to help them achieve this goal. Being able to count on the newly acquired Pekat, at a time of great challenges such as those imposed by the current global scenario, also enables us to evolve towards artificial intelligence (AI) solutions, which will be fundamental in meeting the constantly evolving needs of our customers.

“2022 is a fundamental year for Datalogic as it marks the 50th anniversary of its establishment, which we will also celebrate with the acquisition of Pekat. This acquisition proves Datalogic’s desire to strengthen its position as an innovator and to pursue its growth strategy, always looking for cutting-edge solutions for its customers.”

Petr Smid added: “At Pekat, we believe that tools such as artificial intelligence and machine vision improve the efficiency of processes in a wide variety of industries, with huge benefits for customers. By using artificial intelligence, computer vision and machine learning, automation will make the world better and faster.

“Our technology is independent from application areas and permits autonomous processes in different sectors, from production to transportation and logistics, up to retail. We are proud to join forces with Datalogic to expand the business worldwide.”

The value of the transaction amounts to €16m for the entire share capital, today held by a plurality of shareholders, the majority consisting of the founder and employees of the company, who will become part of the Datalogic Group. The acquisition is financed with available cash of the purchasing entity, without need for additional external sources of financing.

A part of the purchase price will be deposited in escrow and released within an agreed period of time upon the occurrence of certain conditions.

 

Cargotec/Konecranes merger blocked

The UK Competition & Markets Authority (CMA) has blocked the merger between Cargotec and Konecranes. According to the CMA’s final report issued on Tuesday 29th March, the remedies – which would have removed all overlapping businesses of the two companies and were accepted by the European Commission (EC) – would not be effective in addressing the CMA’s concerns and thus the planned merger between Cargotec and Konecranes cannot be completed.

The completion of the planned merger would have required approvals from all relevant competition authorities. Thus, Cargotec and Konecranes have decided to cancel the planned merger.

Cargotec and Konecranes have obtained clearances for the planned merger from numerous competition authorities. As announced on 24th February, 2022, the EC conditionally approved the planned merger between Cargotec and Konecranes on the basis of the same remedy package rejected by the CMA, which comprised commitments to divest Konecranes Lift Truck business and Kalmar Automation Solutions. In addition, the State Administration for Market Regulation (the competition authority in China) and nine other jurisdictions have approved the planned merger.

In addition to the clearances of the above competition authorities, completion of the merger remained subject to further approvals from various other competition authorities, including the Department of Justice (DOJ) in the United States,  with whom Cargotec and Konecranes have been in continuous dialogue.

In response to feedback received from the CMA during the course of their investigations, the boards of directors of Cargotec and Konecranes carefully considered amending the remedy package offered to the EC further, as well as offering alternative remedy packages to address the concerns raised by the CMA.

The boards of directors did not, however, find any satisfactory solution which would have addressed the concerns of the CMA and which would have been in the best interest of the shareholders of Cargotec and Konecranes, and of the combined company, without jeopardising the rationale of the proposed merger as presented on 1st October 2020.

As a consequence of the CMA’s negative final report, the boards of directors Cargotec and Konecranes have therefore concluded that it is in the best interest of each of Cargotec and Konecranes and their respective shareholders that the merger is cancelled.

Ilkka Herlin, the Chairman of Cargotec, stated: “The Board of Cargotec is convinced that the merger would have created substantial value for the entire industry as well as shareholders by improving sustainable material flow. The combination would have created a strong European company enabling accelerated shared abilities to innovate without harming competition.

“We have done all we could to realise the merger and are disappointed that our plans have had to be abandoned. After a long and extensive regulatory review process and merger planning preparations it is time to shift our full focus on executing Cargotec’s own strategy and value-creation opportunities.”

Christoph Vitzthum, the Chairman of Konecranes, stated: “The combination of Konecranes and Cargotec, as planned and announced on 1st October 2020, would have created a company that would have been greater than the sum of its parts. The merger control process has been extensive and the investigations thorough, and Konecranes Board of Directors is disappointed that the remedy package offered did not satisfy the concerns of all regulators.

“At the same time, we believe that further remedies would have not been in the best interest of Konecranes’ shareholders as they would have changed the strategic rationale of the transaction. Konecranes will continue to drive its strategy and pursue value-creation potential on a stand-alone basis.”

Cargotec and Konecranes will immediately cease the pursuit of the merger and the related processes and continue to operate separately as fully independent companies.

By the end of 2021, Konecranes had booked €56m and Cargotec €57m of merger related transaction and integration planning costs. The total transaction cost estimate of €125m (excluding integration planning costs) remains valid. The final transaction and integration planning costs will be reported when available.

 

Cargotec/Konecranes merger blocked

The UK Competition & Markets Authority (CMA) has blocked the merger between Cargotec and Konecranes. According to the CMA’s final report issued on Tuesday 29th March, the remedies – which would have removed all overlapping businesses of the two companies and were accepted by the European Commission (EC) – would not be effective in addressing the CMA’s concerns and thus the planned merger between Cargotec and Konecranes cannot be completed.

The completion of the planned merger would have required approvals from all relevant competition authorities. Thus, Cargotec and Konecranes have decided to cancel the planned merger.

Cargotec and Konecranes have obtained clearances for the planned merger from numerous competition authorities. As announced on 24th February, 2022, the EC conditionally approved the planned merger between Cargotec and Konecranes on the basis of the same remedy package rejected by the CMA, which comprised commitments to divest Konecranes Lift Truck business and Kalmar Automation Solutions. In addition, the State Administration for Market Regulation (the competition authority in China) and nine other jurisdictions have approved the planned merger.

In addition to the clearances of the above competition authorities, completion of the merger remained subject to further approvals from various other competition authorities, including the Department of Justice (DOJ) in the United States,  with whom Cargotec and Konecranes have been in continuous dialogue.

In response to feedback received from the CMA during the course of their investigations, the boards of directors of Cargotec and Konecranes carefully considered amending the remedy package offered to the EC further, as well as offering alternative remedy packages to address the concerns raised by the CMA.

The boards of directors did not, however, find any satisfactory solution which would have addressed the concerns of the CMA and which would have been in the best interest of the shareholders of Cargotec and Konecranes, and of the combined company, without jeopardising the rationale of the proposed merger as presented on 1st October 2020.

As a consequence of the CMA’s negative final report, the boards of directors Cargotec and Konecranes have therefore concluded that it is in the best interest of each of Cargotec and Konecranes and their respective shareholders that the merger is cancelled.

Ilkka Herlin, the Chairman of Cargotec, stated: “The Board of Cargotec is convinced that the merger would have created substantial value for the entire industry as well as shareholders by improving sustainable material flow. The combination would have created a strong European company enabling accelerated shared abilities to innovate without harming competition.

“We have done all we could to realise the merger and are disappointed that our plans have had to be abandoned. After a long and extensive regulatory review process and merger planning preparations it is time to shift our full focus on executing Cargotec’s own strategy and value-creation opportunities.”

Christoph Vitzthum, the Chairman of Konecranes, stated: “The combination of Konecranes and Cargotec, as planned and announced on 1st October 2020, would have created a company that would have been greater than the sum of its parts. The merger control process has been extensive and the investigations thorough, and Konecranes Board of Directors is disappointed that the remedy package offered did not satisfy the concerns of all regulators.

“At the same time, we believe that further remedies would have not been in the best interest of Konecranes’ shareholders as they would have changed the strategic rationale of the transaction. Konecranes will continue to drive its strategy and pursue value-creation potential on a stand-alone basis.”

Cargotec and Konecranes will immediately cease the pursuit of the merger and the related processes and continue to operate separately as fully independent companies.

By the end of 2021, Konecranes had booked €56m and Cargotec €57m of merger related transaction and integration planning costs. The total transaction cost estimate of €125m (excluding integration planning costs) remains valid. The final transaction and integration planning costs will be reported when available.

 

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