Marine systems provider Cavotec has been split into two distinct business units as part of its new organisational structure and strategic plan.
The company was divided into a Ports & Maritime business unit and an Airport & Industry section.
According to a company statement, Cavotec aims to become a €500m (US$530m) global company by 2021, with Earnings Before Interest & Tax (EBIT) of over 12%.
The company’s CEO Ottonel Popesco said: “With the strategic plan to guide us, we will be able to focus on our strengths more effectively, and continue building a company ready to meet future goals within the next five years.”
Gustavo Miller, former Cavotec chief operating officer (COO) for the Asia Pacific (APAC) and Americas (AMER), will head the Ports & Maritime business unit holding the role of COO with full Profit & Loss (P&L) responsibility.
The Airports & Industry section will be headed by Cavotec’s former Europe, Middle East & Africa (EMEA) COO Juergen Strommer, who was appointed as COO of the unit with full P&L responsibility.
“Cavotec will focus on completing its transformation from an engineering and manufacturing company to a global system and solutions provider,” a statement by the company read.