Singapore: In a big shift for one of Europe’s best known marine equipment manufacturers MacGregor will move to Singapore. The subsidiary of Finland’s Cargotec is increasingly focused on the Lion Republic.
"Due to its closeness to our Asian customers and partners, we are confident that Singapore is the best location for the domicile. Since more than 70% of MacGregor's sales are already generated in Asia-Pacific, we feel that establishing our domicile in Singapore would represent a natural development for our operations," commented Mikael Mäkinen, president of MacGregor.
Cargotec is proceeding with listing its marine division on the Singapore Exchange this summer.
Moreover, it has just announced that it will look to list MacGregor, best known for its ship cranes, in Singapore too, subject to market conditions.
Two weeks ago Cargotec tapped Finnair for its new ceo to replace Mikael Maekinen who moved to Singapore last October to lead the company’s Asian listing due on June 30. [28/01/13]