Cavotec Explained
| Cavotec SA |
| Type: | Publicly traded |
| Traded As: | |
| Location: | Lugano, Switzerland |
| Foundation: | 1974 as Specimas AB and renamed as Cavotec in 1976 |
| Area Served: | Global |
| Key People: | Patrik Tigerschiöld, Chairman
Mikael Norin, CEO |
| Revenue: | € 212,400,000 |
| Num Employees: | 988 (2017)[1] |
Cavotec is a global engineering group, headquartered in Lugano, Switzerland, and listed on the Nasdaq OMX in Stockholm, Sweden.
The group is made up of some 35 sales companies and seven “Centres of Excellence”. It designs and manufactures automation and electrification technologies that are used to operate mobile equipment at ports, airports, and a variety of industrial sectors.
The business is divided into three divisions: Ports & Maritime, Airports & Industry, and Services.[2]
Cavotec listed on the NASDAQ OMX Stockholm stock exchange on October 19, 2011.[3] Mikael Norin was appointed Cavotec CEO in June 2017, replacing Ottonel Popesco.[4]
Ports and maritime
Ports & Maritime is active in the ports, maritime, and oil and gas segments. It delivers systems for the electrification and automation of equipment such as harbour cranes and ships. Products include motorised cable reels, shore power connections systems, automated mooring, and radio remote controls.
Airports & Industry
At Airports, Cavotec systems connect aircraft to ground power and Pre-Conditioned Air, among other services, allowing aircraft Auxiliary Power Units (APU) to be shut off. APU are considered one of the most serious sources of emissions at airports.
For industrial applications such as cranes, energy processing, transportation, mining and tunnelling, this division develops a variety of automation and electrification technologies including cable reels, radio remote controls, power connectors, and slip rings.
Services
The Services Division provides inspections, consulting, maintenance and spare parts programs to ports, airports and industrial customers.
History
- 1974 - Specimas AB is incorporated in Sweden as a manufacturer of power supply equipment in the mining and tunnelling sectors.
- 1976 - Specimas AB is renamed as Cavotec AB.
- 1984 - Cavotec AB acquires Specimas SpA in Italy and Cavotec Finland opens as a second sales company.
- 1986 - Sales office opened in UK.
- 1988 - Sales offices opened in Italy, Norway and Canada.
- 1989 - Cavotec Group incorporated in the Netherlands.
- 1991 - Sales offices opened in Australia, France and Hong Kong.
- 1993 - Sales offices opened in Germany and UAE.
- 1995 - Sales offices opened in Shanghai and Argentina.
- 1997 - Acquisition of Cavotec Alfo in Germany and sales office opened in Singapore.
- 1999 - Acquisition of Metool in Australia and RMS in France.
- 2001 - Acquisition of a 20% interest in Micro-control as (Norway).
- 2002 - Acquisition of the Gantrex Group (USA, Canada and South Africa).
- 2004 - Cavotec partners with Mooring Systems Ltd, celebrates its 30th anniversary, acquires Fladung in Germany and remaining 80% of Micro-control as (Norway).
- 2005 - The first MoorMaster™ 400 is sold to the Port of Salalah (Oman) and Cavotec India is incorporated in Delhi.
- 2006 - Cavotec prepares and implements a restructuring of the Group, Port of Salalah (Oman) orders four MoorMaster™ 600 for its container port, and Cavotec and MSL shareholders approve a reverse merger.
- 2007 - A central Corporate Office in Lugano, Switzerland, is established and Cavotec becomes a listed company on the New Zealand Exchange.[5]
- 2008 - Cavotec MSL acquires the Dabico Group in the USA and UK and the Meyerinck Group in Germany.
- 2009 - PCAir order received for Bahrain International Airport.
- 2011 - Cavotec listed on the NASDAQ OMX Stockholm stock exchange and received an order for 24 units of its automated mooring technology MoorMaster™ for use at Port Hedland in Western Australia. The company also opened sales offices in Spain and Brazil and completed the acquisition of US-based INET Group.
- 2012 Acquisition of Combibox in Sweden.
- 2013 Cavotec wins largest MoorMaster order to date in South Africa.
- 2014 Cavotec wins largest MoorMaster order to date in Canada.
- Cavotec
Inet converters and PCA units installed at Dubai International Airport.
- 2015 Cavotec presents new senior management team. Cavotec wins airport systems orders worth EUR 27m.
- 2016 Cavotec announces a joint project with Wärtsilä to develop an induction charging and mooring technology for use with ferries. Cavotec selected to develop a ship-to-ship mooring solution on behalf of the US Navy.
- 2017 Cavotec wins EUR17.5m order for Dubai’s new Al Maktoum Airport. Mikael Norin appointed CEO.
- 2018 Cavotec opens new engineering and manufacturing facility in Italy.
Notes and References
- Web site: Annual Report 2017 .
- Web site: About Cavotec, Cavotec website.
- Web site: Nasdaq announcement.
- Web site: Cavotec press release.
- Web site: Mooring Systems ties up Cavotec merger. 6 January 2007. New Zealand Herald. 13 January 2011.
