KONECRANES PLC STOCK EXCHANGE RELEASE February 18, 2011 at 13:15
On October 11, 2010, Konecranes announced that it had entered into an agreement to acquire the Indian crane company WMI Cranes Ltd. (WMI). Konecranes has now received the required regulatory approvals, and WMI will be consolidated into Konecranes’ financial reporting from February 1, 2011. The acquisition is expected to be slightly EPS accretive in 2011.
Konecranes is acquiring WMI’s shares in two phases. In the first phase Konecranes acquired 51 percent of the shares for INR 1,690 million (EUR 28 million). In the second phase, estimated to take place later during 2011, Konecranes will purchase the remaining 49 percent of the shares. The sellers are entitled to a performance linked part of the purchase price and the total maximum price for 100 percent of the shares in WMI can amount to approximately INR 3,600 million (EUR 60 million).
The acquisition marks an important step in strengthening Konecranes’ position in the growing Indian crane market. In 2010, WMI’s net sales exceeded EUR 30 million and it has a strong order book to support further net sales growth in 2011.
For more information on Konecranes’ acquisition of WMI, please consult the stock exchange release of October 11, 2010.
KONECRANES PLC
Miikka Kinnunen
Director, Investor Relations
FURTHER INFORMATION
Analysts and Investors:
Miikka Kinnunen, Director, Investor Relations, Konecranes Plc,
tel. +358 20 427 2050
Press:
Mikael Wegmüller, Vice President, Marketing and Communications, Konecranes Plc, tel. +358 20 427 2008
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 2010, Group sales totaled EUR 1,546 million. The Group has 10,000 employees at 578 locations in 46 countries. Konecranes is listed on the NASDAQ OMX Helsinki (symbol: KCR1V).
DISTRIBUTION
NASDAQ OMX Helsinki
Media
www.konecranes.com
