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
[email protected]
Telefon +86 13 80 19 98 963

Mikael Wegmüller, Director, Marketing and Communications
[email protected]
Telefon +358 20 427 2008