Konecranes Completes Acquisition of WMI Cranes

(Press Release)
Friday, February 18, 2011

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 received the required regulatory approvals, and WMI will be consolidated into Konecranes’ financial reporting from February 1, 2011. The acquisition is expected to be slightly EPS accretive in 2011.

Konecranes is acquiring WMI’s shares in two phases. In the first phase Konecranes acquired 51 percent of the shares for INR 1,690 million (EUR 28 million). In the second phase, estimated to take place later during 2011, Konecranes will purchase the remaining 49 percent of the shares. The sellers are entitled to a performance linked part of the purchase price and the total maximum price for 100 percent of the shares in WMI can amount to approximately INR 3,600 million (EUR 60 million).

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.


Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SAAM SMIT Towage Orders Damen ASD Tug

SAAM SMIT Towage, a joint venture between SAAM S.A. of Chile and Dutch company Royal Boskalis Westminster N.V., has signed a contract for the purchase of a Damen Tug 2913 for delivery in early 2016,

Scandinavian Bunkering Names Vinde Managing Director

Marine fuel supplier Scandinavian Bunkering A/S announced today that Erik Vinde has been appointed as Managing Director, effective from August 1.   Vinde joined Scandinavian Bunkering in 2006,

NSSLGlobal Trials Wi-Fi with British Royal Navy

Satellite communications provider NSSLGlobal announced the trial of its Wi-Fi service across selected British Royal Navy and Royal Fleet Auxiliary ships. The service,

Deck Machinery

New Research Vessel for Virginia Institute of Marine Science

JMS Naval Architects will complete the Contract Design Package next month of a 93-foot research vessel for Virginia Institute of Marine Science to replace its current research vessel, Bay Eagle.

Singapore Delegation Visits ACE Winches

ACE Winches hosted a delegation from SPRING Singapore to its Towie Barclay Works facility for a visit to share an overview of its products and services, including

MacGregor Wins Deck Machinery Order in China

MacGregor, part of Cargotec, has signed contracts with Chinese shipyard Guangzhou Shunhai Shipyard Ltd to deliver anchor handling/towing winch packages for five

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1224 sec (8 req/sec)