Konecranes has today finalized the agreement to increase its ownership in MHS Konecranes to 100% by acquiring the remaining 35% stake from Meidensha Corporation.

As part of the strategic alliance announced March 23, 2010, Konecranes and Kito signed a Memorandum of Understanding according to which Konecranes intends to sell the hoist distribution business of its Japanese joint venture MHS Konecranes to Kito. Prior to the final agreement, Konecranes’ intention was to increase its ownership in MHS Konecranes to 100% by acquiring the remaining 35% stake from Meidensha Corporation. This ownership increase has now been finalized.

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 NASDAQ OMX Helsinki Ltd (symbol: KCR1V).