Finnish cargo-handling machinery maker Cargotec has, through its MacGregor business, reached a settlement agreement with an undisclosed client and will book EUR 11 million (USD 11.7 million) cost.
MacGregor and the customer have agreed not to disclose further details on the issue nor on the settlement, however the company said that the agreement is related to a development project from 2011.
The loss will be booked in MacGregor’s fourth quarter operating profit in 2015 to cover the costs of the settlement.
“Whilst having a clear negative impact on MacGregor result in the current quarter, management assessment is that this settlement is in the best interests of the business going forward,” Cargotec said.
Cargotec said that the settlement has no impact on Cargotec’s full-year guidance, which remains unchanged.