KONECRANES EXPANDS CANADIAN OPERATIONS - ACQUIRES ASSETS OF CANADIAN CRANE AND SERVICE COMPANY
Konecranes expands Canadian operations - acquires assets of Canadian crane and service company
Konecranes has in mid October acquired the business of the Canadian crane and crane service company Provincial Services Crane Specialists, located in Allanburg, Ontario. Konecranes acquired the assets from the owner, who will remain with the company for a transitional period. The company has 20 employees and net sales of approx EUR 4 million. The value of the acquisition is not disclosed. Provincial Services Crane Specialists was founded in 1980 and is today a recognized name in the Canadian lifting market. The company is specialized in overhead crane inspection, maintenance, repair, spare parts, modernization and lifting equipment. The company sells its products and services directly to end users in the steel, mining, power and general manufacturing industries. Through the acquisition, Konecranes will be able to expand its Canadian operations in these industries. “The market coverage of Provincial Services is quite complementary to ours,” says Keith King, President, Konecranes Canada, Inc. “Provincial Services will help to provide us with entry to the primary steel industry along with their specific knowledge of this industry, close relationships and Konecranes technologies.” Konecranes Canada, Inc., established in 1970 with branch offices across Canada, is one of Canada's leading supplier of new cranes, modernizations, maintenance and inspection services for all makes and models of overhead cranes and hoists in all major industries. Further information: Media Keith King, President, Konecranes Canada, Inc. e-mail: keith.king@konecranes.com or phone: +1-905-332-5222 Financial Media and Analysts Sanna Päiväniemi, Investor Relations Manager e-mail: sanna.paivaniemi@konecranes.com or phone: +358 20 427 2050 This press release is available at our website www.konecranes.com Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2007, Group sales totaled EUR 1,750 million. The Group has 9,350 employees in more than 470 locations in 43 countries. Konecranes is listed on the OMX Nordic Exchange Helsinki (symbol: KCR1V). www.konecranes.com