Finnish port equipment manufacturer Konecranes has announced the acquisition of the industrial crane service operations of Norway’s Munck Cranes AS.
Konecranes believes this new deal will strengthen its Nordic operations and give access to new customers and a large installed base of Munck’s industrial cranes in Norway and beyond.
Munck Cranes AS is an industrial crane and crane service provider in Norway with international component export operations. For almost 100 years, Munck Cranes has served a variety of customers including pulp and paper factories, steel mills, metal service centers and hydro-electric power plants. Munck Cranes AS entered into bankruptcy proceedings in late May and Konecranes recently bought the industrial crane service operations from the bankruptcy estate.
In recent years, the annual net sales of the acquired crane service business have totaled approximately €8-10 million and the industrial crane service business has been profitable, according to Konecranes’ statement, while the business acquired has been run by some 40 employees throughout Norway, operating in four regional teams.