Konecranes will acquire Jebsen & Jessen’s shares in the MHE-Demag joint venture for approximately EUR147 million (USD163 million).

MHE-Demag is a supplier of industrial cranes and services in Southeast Asia. It provides customised solutions as well as warehousing equipment such as lift trucks and dock levellers, aerial work platforms, building maintenance units and compact construction equipment.

The company runs operations in eight countries, including Australia, Indonesia, Malaysia, Singapore, the Philippines, Taiwan, Thailand and Vietnam.

As a result of the transaction, MHE-Demag will be wholly owned by Konecranes. The acquisition will create further opportunities for service sales and simplify the distribution channel for its industrial cranes and components, said Konecranes.

The deal is expected to close on January 2, 2020.