Cargotec was formed in June 2005 when Kone Corporation was split into two companies to be listed: Cargotec and new KONE. After the split, Kone Corporation’s container handling (Kalmar), load handling (Hiab) and marine cargo handling (MacGREGOR) business units formed Cargotec. However, the businesses within Cargotec have much longer histories and a series of mergers and acquisitions during several decades.
As of the end of 2007, Cargotec Corporation had about 11,200 personnel working in over 140 countries.
The heirs of Pekka Herlin, who founded Kone Corporation, own large chunks of Cargotec common stock. Current (since July 12, 2005) Chairman of the Cargotec's Board of Directors is Ilkka Herlin. His brother Antti Herlin, a major owner and CEO of KONE, was also elected as a member of the Board of Directors.