Konecranes, WMI cranes--Konecranes acquires Indian WMI Cranes Ltd

Industrial crane manufacturer Konecranes has acquired Indian crane company WMI Cranes Ltd for around US$80 million. The Indian company is a leading manufacturer of heavy duty cranes in the country. It has more than 4,000 cranes in India and a countrywide sales network on which Konecranes can base development of maintenance services.

WMI boosts presence significantly in the fast growing Indian crane market. The company aim is to further grow the business potential by extending the offering with technologies developed by Konecranes. The product offerings of the two companies complement each other very well. For the year to 31 March 2010, WMI net sales were about $41 million. Orders worth more than $69 million are on the books and its order intake prospects are good.

Konecranes will acquire the WMI shares in two phases. First, 51% about a year later Konecranes will purchase the remaining 49%. Joining the forces of WMI and Konecranes creates a new leader in the fast-growing Indian crane industry. Customers will benefit in terms of combined offering of products and technology of both companies and high quality service.

Source: Main Pump