August 11 - Further to our report on February 21, Konecranes has now completed the second phase of its acquisition of WMI Cranes Ltd increasing its ownership from 51 to 100 percent.
Konecranes acquired WMI's shares in two phases. In the first phase in February, Konecranes acquired 51 percent of the shares for INR1,690 million (USD37.3 million). In the second phase Konecranes purchased the remaining 49 percent of the shares. The total price for 100 percent of the shares in WMI amounted to INR3,578 million (USD79.05 million).
Konecranes says that the acquisition marks an important step in strengthening its position in the growing Indian crane market. In 2010, WMI's net sales exceeded EUR30 million (USD42.7 milion) and it has a strong order book to support further net sales growth in 2011.