In August 2010, Konecranes expanded its Machine Tool Service (MTS) business in the U.S. by acquiring the assets of Ohio Hi-Speed Machine in Cleveland, Ohio. Ohio Hi-Speed Machine was founded in 1992 and provides a wide range of services to customers, including machine tool rebuilding, re-designing, control retrofits, preventive maintenance, calibration and repair services. The annual net sales of the company in 2009 were approximately 1.0 MEUR (1.3 M USD). The company has 8 employees. The value of the acquisition is not disclosed.

“The MTS business of Konecranes in the U.S. is a strategic fit with our traditional core competency in overhead crane maintenance services. With the addition of Ohio Hi-Speed Machine, our growing MTS business allows us to broaden our offering to new and existing customers in a variety of industrial segments,” said Tom Kurtz, General Manager, MTS, Konecranes Region Americas.

Ohio Hi-Speed Machine is Konecranes’ second acquisition in the U.S. following Machine Tool Solutions Unlimited of Cincinnati, Ohio, in October 2009. The previous owner and founder of Ohio Hi-Speed Machine, Mr. Don Dacone, will continue in the newly acquired company.

The financials of Ohio Hi-Speed Machine will be consolidated into Konecranes for the fourth quarter of 2010. The effect is expected to be immaterial on the current year’s results.

Konecranes’ MTS business is well developed in the Nordic countries and the U.K. The acquisition of Ohio Hi-Speed Machine enables Konecranes MTS to strengthen its home base in the U.S. from where the company plans to expand its MTS offering throughout the Americas.

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 2009, Group sales totaled EUR 1,671 million. The Group has 9,600 employees, at 545 locations in 43 countries. Konecranes is listed on the NASDAQ OMX Helsinki Ltd (symbol: KCR1V).