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KONECRANES FINALIZED THE ACQUISITION OF MAJORITY HOLDING IN CHINESE HOIST AND CRANE MANUFACTURER SANMA

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Konecranes finalized the acquisition of majority holding in Chinese hoist and
crane manufacturer SANMA 

Konecranes' acquisition of a majority holding in Jiangsu Three Horses Crane
Manufacture Co. Ltd. (SANMA), one of the leading hoist and crane manufacturers
in China, has now been finalized. All parties, including the Chinese
authorities, have approved the acquisition. The letter of intent was signed and
published in November 2008 and the contract was signed in April 2009. 

Through a combined share purchase and share issue, Konecranes owns 65% of
SANMA. The remaining 35% of the shares are held by the former owners, who
continue working in the management of the company. SANMA has been converted
into a joint venture company. In its first meeting the board of the joint
venture company appointed Mr Gu Ning Sheng Managing Director of SANMA. 

SANMA is based in Jingjiang, about two hours drive northwest of Shanghai. The
company's net sales were approximately EUR 18 million in 2008 and it has more
than 500 employees. SANMA has a strong position as a nationwide supplier of
wire rope hoists in China and as a crane supplier in Jiangsu and the
neighboring provinces. 

“We are excited about the potential of this joint venture partnership. With
SANMA we will be able to penetrate the market segment in China that is now
dominated by local suppliers,” says Ryan Flynn, President, Northeast Asia. 

Further information: 
Ryan Flynn, President, Northeast Asia
e-mail: ryan flynn@konecranes.com or phone +86 13 80 19 98 963

Mikael Wegmüller, Director, Marketing and Communications
e-mail: mikael.wegmuller@konecranes.com or phone: +358 20 427 2008

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 2008, Group sales totaled EUR 2,103 million. The Group has 9,700
employees in 485 locations in 43 countries. Konecranes is listed on the NASDAQ
OMX Helsinki Ltd (symbol: KCR1V). 

www.konecranes.com

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