On October 11, 2010, Konecranes announced that it had entered into an agreement to acquire the Indian crane company WMI Cranes Ltd. (“WMI”). Konecranes has now completed the second phase of the acquisition whereby its ownership in WMI has increased from 51 percent to 100 percent.
Konecranes acquired WMI’s shares in two phases. In the first phase in February, Konecranes acquired 51 percent of the shares for INR 1,690 million (approx. EUR 28 million). In the second phase Konecranes purchased the remaining 49 percent of the shares. The total price for 100 percent of the shares in WMI amounted to INR 3,578 million (approx. EUR 57 million). The purchase price includes approx. EUR 2 million investment in WMI’s equity according to the purchase agreement.
The acquisition marks an important step in strengthening Konecranes’ position in the growing Indian crane market. In 2010, WMI’s net sales exceeded EUR 30 million and it has a strong order book to support further net sales growth in 2011. The acquisition is expected to have a neutral impact on the EPS in 2011.
For more information on Konecranes’ acquisition of WMI, please consult the stock exchange release of October 11, 2010.
KONECRANES PLC
Miikka Kinnunen
Director, Investor Relations
FURTHER INFORMATION
Analysts and Investors:
Miikka Kinnunen, Director, Investor Relations, Konecranes Plc,
tel. +358 20 427 2050
Press:
Mikael Wegmüller, Vice President, Marketing and Communications, Konecranes Plc, tel. +358 20 427 2008
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 2010, Group sales totaled EUR 1,546 million. The Group has almost 11,200 employees at 578 locations in 46 countries. Konecranes is listed on the NASDAQ OMX Helsinki (symbol: KCR1V).
DISTRIBUTION
NASDAQ OMX Helsinki
Media
www.konecranes.com
KONECRANES PLC - KONECRANES PLC STOCK EXCHANGE RELEASE August 11, 2011 at 10:00
KONECRANES HAS INCREASED ITS OWNERSHIP IN WMI CRANES LTD. TO 100 PERCENT
| Source: Konecranes Oyj