2008-11-24 | Helsinki
Helsinki, Finland, November 24, 2008 - Konecranes Plc. today announced the signing of a Letter of Intent and entered into exclusive negotiations concerning the potential acquisition of the majority equity of Jiangsu Three Horses Crane Manufacture Co. Ltd. (Sanma), a leading Chinese hoist and crane manufacturer. The parties target to complete negotiations and sign a definitive agreement in early 2009.
The transaction, one of the largest by a Finnish company in China, is representative of the kind of work E. J. McKay is engaged in, that of "advising a highly selective group of key clients in their significant cross-border transactions that create measurable synergy and transform the economics of the impacted industry,” commented James Z. Li, CEO of E. J. McKay.
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. With revenue of approximately 2 billion Euros, the Group has 9,600 employees in more than 470 locations in 43 countries. Konecranes is listed on the NASDAQ OMX Helsinki.
Jiangsu based Sanma is a leading Chinese hoist and crane manufacturing company. The company is known for quality and long-term customer relationships and has a wide distribution network in China. Sanma produces thousands of hoists and hundreds of cranes per year, with customers across the multiple geographies in the country.