KONECRANES SIGNS LETTER OF INTENT TO ACQUIRE MAJORITY OF CHINESE HOIST AND CRANE MANUFACTURER

Konecranes signs letter of intent to acquire majority of Chinese hoist and
crane manufacturer 

Konecranes has signed a letter of intent and entered into exclusive
negotiations concerning the potential acquisition of the majority of Jiangsu
Three Horses Crane Manufacture Co. Ltd. (SANMA), a Chinese hoist and crane
manufacturer. The parties target to complete negotiations and sign a definitive
agreement in early 2009. 

SANMA is currently owned by its management. If the parties reach an agreement
and the deal is realized, SANMA will be converted into a joint venture company.
The letter of intent was signed on November 23, 2008. 

SANMA is based in Jingjiang, about two hours northwest of Shanghai. SANMA is
one of the leading local hoist brands in China. Its net sales were
approximately MEUR 15 in 2007 and it has more than 500 employees. The company
is known for deep and long-term customer relationships and it has a wide
distribution network in China. The company produces thousands of hoists and
hundreds of cranes per year. 

“Once realized this joint venture will strengthen our position and
competitiveness on the huge Chinese market,” says Harry Ollila, President,
Konecranes Region Northeast Asia. “At the same time, Konecranes would be able
to expand sales and increase supplier and procurement activities in the
country.” 

The final agreement is subject to inspection and approval by Chinese
authorities. 

Further information: 
Harry Ollila, President, Northeast Asia
e-mail: harry.ollila@konecranes.com or phone +86 13 788 903 876

Mikael Wegmüller, Director, Marketing and Communications
e-mail: mikael.wegmuller@konecranes.com 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 2007, Group sales totaled EUR 1,750 million. The Group has 9,600
employees in more than 470 locations in 43 countries. Konecranes is listed on
the NASDAQ OMX Helsinki Ltd (symbol: KCR1V). 

www.konecranes.com