Deal for Norwegian Unit Will Beef Up Konecranes’ Nordic Operations
Finland’s Konecranes has acquired the industrial crane service operations of Norway’s Munck Cranes.
The move will give Konecranes access to new customers and a large installed base of Munck’s industrial cranes in Norway and beyond, the company said.
According to the Finnish firm, Munck is a “well-recognized industrial crane and crane service provider in Norway with international component export operations.” It serves several sectors including pulp and paper factories, steel mills, metal service centres and hydro-electric power plants.
Konecranes acquired the business from a bankruptcy estate after Munck entered bankruptcy proceedings in late-May. The business’s annual net sales in recent years have been between EUR €8 million and €10 million.
“We welcome our Munck Cranes colleagues to Konecranes and look forward to working together to develop and expand operations in the Nordic region and beyond,” said Konecranes’ SVP EMEA for industrial services and equipment, Tomas Myntti.
Konecranes, headquartered in Hyvinkää, some 50 kilometres north of Helsinki, employs about 16,600 professionals in more than 50 countries. Its group sales last year totalled EUR €3.4 billion.
Konecranes will be exhibiting at Breakbulk Americas 2023, taking place on 26-28 September at the George R. Brown Conference Centre in Houston, Texas.
