Konecranes has signed an agreement to acquire the majority of Jiangsu Three Horses Crane Manufacture Co. Ltd. (SANMA), one of the leading hoist and crane manufacturers in China. The letter of intent was signed and published in November 2008. The final agreement is still subject to e.g. inspection and approval by Chinese authorities.
Through a combined share purchase and share issue, Konecranes will become a 65% owner of SANMA. The remaining 35% of the shares will be held by the present owners who work in the management of the company. SANMA will be converted into a joint venture company. Finalization is estimated to take place during the third quarter of this year.
SANMA is based in Jingjiang, about two hours northwest of Shanghai. The company’s net sales were approximately MEUR 18 in 2008 and it has more than 500 employees. SANMA has a strong position as a nationwide supplier of wire rope hoists in China and as a crane supplier in Jiangsu and the neighboring provinces.
“We are very pleased to have reached an agreement with SANMA’s shareholders on this joint venture and are eager to start working with them to develop the company. Konecranes’ worldwide network of manufacturing and sourcing as well as channels to market will provide new interesting opportunities for SANMA,” says Harry Ollila, President, Konecranes Region Northeast Asia.
The Shanghai-based investment bank firm E.J. McKay & Co. Inc. advised Konecranes in this transaction.
Further information:
Harry Ollila, President, Northeast Asia
e-mail: [email protected] or phone +86 13 788 903 876
Mikael Wegmüller, Director, Marketing and Communications
e-mail: [email protected] or phone: +358 20 427 2008
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 as well as services for lifting equipment and machine tools of all makes. In 2008, Group sales totaled EUR 2,103 million. The Group has 9,900 employees in 485 locations in 43 countries. Konecranes is listed on the NASDAQ OMX Helsinki Ltd (symbol: KCR1V).
