KCI to complete Stahl purchase
18 April 2008
Finland: R. Stahl AG and KCI Konecranes have signed a definitive agreement concerning KCI's acquisition of Stahl's material handling division, R. Stahl Fordertechnik. The E30.5 million ($35 million) deal, announced last October, will be completed early this year, following approval by the German competition authorities. It will reflect in KCI's financial results in 2007.
Pekka Lundmark, KCI president and CEO, said, “We are convinced that R. Stahl Fordertechnik and its people are a great asset for KCI Konecranes and our customers. The transaction brings together some of the crane industry's strongest brands and most innovative technologies and also accelerates KCI Konecranes' strategic initiative to advance its positions on the German market.”
• Konecranes has also announced it will sell a 46% share in Zaporozhye Kran Holding, the Ukrainian crane manufacturer it acquired last year to Finnfund, the Finnish Fund for Industrial Cooperation. The company said its intention had always been to own a stake of 50% or less in the Ukrainian manufacturer.