KCI Konecranes has closed the acquisition of SMV Lifttrucks

Stock exchange releases

On 8 September 2004 KCI Konecranes Plc agreed to acquire the Swedish company SMV Lifttrucks AB (SMV). The financial, legal and environmental due diligence investigations have now been completed and clearance has been received from relevant competition authorities. SMV Lifttrucks will be consolidated into the KCI Konecranes Group’s figures as of 29 October 2004.

As the business outlook for the year 2005 is stable and positive, the parties have agreed to resolve the business performance based part of the consideration already at this early stage. The total consideration for the shares of SMV Lifttrucks is therefore SEK 230 million. Additionally, KCI Konecranes will assume SMV's net debt, approx. SEK 75 million.

The consideration consists of a cash payment of SEK 214,880,000 and a transfer of 53,450 KCI Konecranes shares currently held by the Group. The shares are subject to a three-year transfer restriction as explained in a separate release today.

The acquisition is an important step in KCI Konecranes strategy to become a complete solutions provider in ports and terminals all around the world. Through SMV’s complementary product ranges the Group now provides solutions that cover the entire logistics chain in harbours and intermodal terminals. SMV’s dealer network will further increased KCI Konecranes presence in ports.

SMV Lifttrucks has a strong position as a supplier of container handling equipment. With a record high order intake, net sales for 2004 are expected to close at a significantly higher level compared to last year’s SEK 374 million. The company employs 85 people. SMV’s main markets are Europe, Asia, Australia, South America, Middle East and Africa.

SMV Lifttrucks will change its name to SMV Konecranes and will be incorporated into the Group’s Special Cranes business area.

Further information can be obtained from
KCI Konecranes Plc
Stig Gustavson, President & CEO, phone +358-400 411 11
Teuvo Rintamäki, Chief Financial Officer, phone +358-20 427 2040

KCI Konecranes. A world leading engineering group specializing in advanced overhead lifting solutions and maintenance services. Group activity is organized along three business areas: Maintenance Services (50% of Group Sales), Standard Lifting Equipment (26 %) and Special Cranes (24 %). In 2003, Group Sales totalled EUR 665 million with over 4300 employees in 34 countries all over the world.

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