Looking ahead at Konecranes

The CXT is a mainstay of Konecranes industrial crane production. Photo: Konecranes

Following the abandonment of its merger with Cargotec on 29 March, Konecranes has commented on its strategy for a different future.

The Finnish industrial crane and port handling equipment manufacturer has also cancelled its Annual General Meeting scheduled for 30 March 2022.

“Konecranes will now focus on developing its business and value-creation potential on a stand-alone basis,” it said. “Konecranes continues to leverage the global megatrends, digitalisation, productivity and sustainability, as well as its core competencies, to achieve profitable growth in the long-term.”

The company’s financial guidance for 2022 forecast net sales and the adjusted EBITA margin to improve from the previous year. In 2021 the adjusted EBITA margin was 9.8 per cent.

Christoph Vitzthum, Konecranes chairman commented, “Thanks to its strong market position, leading technology, unique service offering, and talented people, Konecranes has great potential for continued growth and value creation, and a promising future. In recent years and throughout the pandemic, Konecranes has done excellent job in improving its customer offering, operations and profitability. Konecranes will continue to explore new business concepts and profitable growth potential in material handling. The Konecranes Board of Directors has started the process to find a new CEO for the company.”

Teo Ottola, interim CEO and CFO, said, “We have maintained excellent performance throughout the uncertainty caused by the pandemic and merger planning, demonstrating the strong commitment of our people. Now that we channel our full focus and energy on developing Konecranes and its business, there is a lot to achieve. As before, we remain committed to business excellence, continuous improvement, and sustainability, and will continue our successful trajectory.”

The company describes service as being its growth engine and an area where further improvement continues to be the ambition.

In its Industrial Equipment division, Konecranes said it will “continue to strengthen its position as a global leader in lifting equipment and supporting customers moving from independent manual equipment to smart, connected and automated equipment and overall sustainable material flow solutions.”

In its Port Solutions division the company is working to boost sustainability across the industry. Sustainability is high on the agenda across all its activities. Its climate targets are in line with the Paris Agreement, aiming to limit global warming to 1.5 °C.