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KONECRANES SIGNS AGREEMENT TO ACQUIRE THE MAJORITY OF CHINESE HOIST AND CRANE MANUFACTURER SANMA

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Konecranes signs agreement to acquire the majority of Chinese hoist and crane
manufacturer SANMA 


Konecranes has signed an agreement to acquire the majority of Jiangsu Three
Horses Crane Manufacture Co. Ltd. (SANMA), one of the leading hoist and crane
manufacturers in China. The letter of intent was signed and published in
November 2008. The final agreement is still subject to e.g. inspection and
approval by Chinese authorities. 

Through a combined share purchase and share issue, Konecranes will become a 65%
owner of SANMA. The remaining 35% of the shares will be held by the present
owners who work in the management of the company. SANMA will be converted into
a joint venture company. Finalization is estimated to take place during the
third quarter of this year. 

SANMA is based in Jingjiang, about two hours northwest of Shanghai. The
company's net sales were approximately MEUR 18 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 very pleased to have reached an agreement with SANMA's shareholders on
this joint venture and are eager to start working with them to develop the
company. Konecranes' worldwide network of manufacturing and sourcing as well as
channels to market will provide new interesting opportunities for SANMA,” says
Harry Ollila, President, Konecranes Region Northeast Asia. 

The Shanghai-based investment bank firm E.J. McKay & Co. Inc. advised
Konecranes in this transaction. 


Further information: 
Harry Ollila, President, Northeast Asia
e-mail: harry.ollila@konecranes.com or phone +86 13 788 903 876

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 9,900
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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