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.