Konecranes acquires service business of Munck Cranes
22 June 2023
Industrial and port crane manufacturer Konecranes has acquired the industrial crane service business of Munck Cranes.
Industrial crane maker Munck from Norway went bankrupt in late May. Acquiring Munck’s service business gives Finland-headquartered Konecranes “access to new customers and a large installed base of Munck’s industrial cranes in Norway and beyond.”
For almost 100 years Munck built factory cranes and supplied components, notably for use in pulp and paper mills, the steel industry, steel stockholders and the hydro-electric power industry. Its service business brought in as much as €10 million a year and “has been clearly profitable,” Konecranes said. Around 40 employees in four teams run the operation throughout Norway.
“We welcome our Munck Cranes colleagues to Konecranes and look forward to working together to develop and expand operations in the Nordic region and beyond,” said Tomas Myntti, Konecranes senior vice president EMEA for industrial service and equipment.
Konecranes employs 16,600 people in more than 50 countries. Group sales in 2022 were €3.4 billion.