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Konecranes completes acquisition of WMI Cranes

February 21 - Following the October 2010 announement 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

Konecranes is acquiring WMI's shares in two phases. In the first phase Konecranes acquired 51 percent of the shares for INR1,690 million (USD37.45 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 INR3,600 million (USD79.78 million).

The acquisition marks an important step in strengthening Konecranes' position in the growing Indian crane market. In 2010, WMI's net sales exceeded EUR30 million (USD41 million) and it has a strong order book to support further net sales growth in 2011.

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