In October 2010, Konecranes expanded its Machine Tool Service (MTS) business in the U.S. by acquiring the assets of King Tool Co. in Erlanger, Kentucky. King Tool was founded in 1978 and provides a wide range of services to customers, including machine tool retrofits and rebuilds. The annual net sales of the company in 2009 were approximately 3 MEUR. The company has 15 employees. The value of the acquisition is not disclosed.
“King Tool is a valuable addition to our MTS organization in the US. Our growing MTS business allows us to broaden our offering to new and existing customers in a variety of industrial segments,” said Pekka Kujala, Vice President, MTS, Konecranes.
King Tool is Konecranes’ third MTS acquisition in the U.S. following Machine Tool Solutions Unlimited of Cincinnati, Ohio, in October 2009, and Ohio Hi-Speed Machine of Cleveland, Ohio, in August 2010. The previous owner and founder of King Tool, Mr. Bob King will continue in the company.
The financials of King Tool will be consolidated into Konecranes from October 2010. The effect is expected to be immaterial on the current year’s results.
Konecranes’ MTS business is rapidly expanding, the global MTS organization now consists of almost 500 persons. Four weeks ago Konecranes reported the acquisition of Machine Control Engineers Limited in the UK.
Further information:
Press
Pekka Kujala, Vice President, MTS, Konecranes
E-mail: [email protected] or phone +358 20 427 4014
Analysts and investors:
Miikka Kinnunen, Director, Investor Relations, Konecranes
E-mail: [email protected] or phone +358 20 427 2050
This press release is available at our website www.konecranes.com
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions and services for lifting equipment of every make. In 2009, Group sales totaled EUR 1,671 million. The Group has 9,800 employees, at 545 locations in 43 countries. Konecranes is listed on the NASDAQ OMX Helsinki Ltd. (symbol: KCR1V).
