Cargotec, a Finnish cargo-handling solutions provider, recently opened a facility in Singapore to serve as the company’s regional logistics hub. The facility reinforces Cargotec’s growth in Asia Pacific.

The 17,721-square-metre facility is located at the Tukang Innovation Park and is reported to cost US$14 million (S$19.5 million). Cargotec’s total investments in the country since last year has amounted to US$28.6 million (S$40 million), which includes the upgrading of its manufacturing and assembly plant for their maritime transportation and offshore brand MacGregor in Tuas. Currently, the region makes up 36 per cent of Cargotec’s total operations and accounts for more than US$1.3 billion (S$1.8 billion) in annual sales.

According to Mikael Makinen, President and CEO, Cargotec, the Singapore facility will bring together the various business areas of the company, allowing it to derive greater cost-efficiencies and effectiveness with shared services and use of resources.

At the facility’s opening, Lim Hwee Hua, Singapore’s Second Minister for Finance and Transport, said, “As industry leaders such as Cargotec continue to establish and augment their activities here, we will generate buzz that helps attract other related businesses to Singapore.”