Konecranes acquires a majority of Chinese Crane manufacturer
KonecranesKonecranes, a Finnish, world-leading group providing lifting solutions as well as services for lifting equipment and machine tools, has signed an agreement to acquire the majority of the Chinese company Sanma, which is amongst the leading crane and hoist manufacturers in China.
The letter of intent was signed and published already in November last year. The final agreement however is still subject to the inspection and approval by the Chinese authorities, reports Konecranes.
Through a combined share purchase and share issue, Konecranes will become a 65 per cent owner of Sanma, which will therefore become a joint venture of the Hyvinkää-based company. Finalisation of the arrangements is estimated to take place during the third quarter of this year.
Sanma’s turnover was approximately 18 million Euros last year. The company employed over 500 employees. At the same time the net sales of Konecranes Group totaled to 2,1 billion Euros. The Group has over 9900 employees in 43 countries.
For more information:
www.konecranes.com