Konecranes Subsidiary Acquires Stake in MMH Holdings
May 22, 2006
HMM Acquisition Corp., a wholly owned Konecranes Inc. subsidiary, has acquired 59.2 percent of the shares of MMH Holdings, Inc., the owner of U.S. based Morris Materials Handling, Inc. The total consideration amounts to apprx. $38.5m.
Morris Material Handling, Inc., is a player in the maintenance service and overhead crane industry. Morris Material Handling, Inc. has its headquarters in Oak Creek, Wisconsin. Annual sales for the company in fiscal year 2005 were approximately $170m. First half of fiscal year 2006 sales were $102m, with an operating profit of $5.5 M (5.4% of sales). The company has approximately 980 employees. This information is based on Morris Materials Handling financial update published on May 10, 2006.
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