KCI Konecranes Buys Crane Company in Usa

Corporate press releases

KCI Konecranes' U.S. subsidiary entered into a purchase agreement to acquire the assets of F.T. Crowe & Company based in the greater Seattle area with a branch operation in Portland Oregon, USA.

F.T. Crowe produces cranes and performs crane maintenance. The company's sales are 5 million USD, equally distributed between cranes and service. The company employs 27 people.  
 
This acquisition is consistent with the North American Crane Pro Service organization's strategy to make selected strategic acquisitions in served markets. The acquisition of F.T. Crowe will augment North America's Crane Pro Service's somewhat nominal presence in the Pacific Northwest region. Service revenues from the combined operations in this region will now exceed 6 million USD.  
 
Additional benefits of this acquisition accrue to the Standard Lifting Equipment and Special Cranes businesses. F.T. Crowe manufactures 50-75 overhead cranes annually, which will now use KCI Konecranes components. The acquisition also provides a "local" presence for the sale of special cranes to this area's pulp and paper, aerospace, and shipping industries.  
 
The acquired maintenance service activities will be consolidated into North America's Crane Pro Service organization. The Crane Pro Service organization has currently 59 service locations with service technicians performing preventive maintenance, modernization and repair services throughout the North American continent.  
 
The KCI Konecranes Group is the industrialized world's leading provider of Maintenance Services for electric overhead travelling ("EOT") cranes. The Group is one of the leading standard EOT crane and component builders and a leading manufacturer of engineered and heavy duty cranes for process industries.  
 
KCI Konecranes is also a global supplier of special harbor cranes for bulk materials and containers and a leading provider of shipyard cranes. In 1999 the Group's sales totalled EUR 591.5 million (USD 629.5 million). KCI Konecranes has over 4,000 employees in 34 countries throughout the world.  
 
For further information, please contact:  
 
Mr. Charles E. Vanarsdall,  
Group Vice President, KCI Konecranes International Plc,  
President, Region Americas, tel. +1-937-3285133