Konecranes Plc, Finland, acquires
Konecranes Plc, Finland, acquires WMI Cranes Limited in India
Konecranes, world-leading group of Lifting BusinessesTM, has acquired 100 % stake in WMI Cranes limited in India from the Vazirani family based in Mumbai. WMI Cranes Limited is one of the oldest and most reputed crane manufacturers in India having an installation base of over 4,000 cranes. After the acquisition WMI Cranes has been renamed WMI Konecranes India Ltd.
WMI Konecranes India Ltd is headquartered in Mumbai and manufactures standard and heavy duty (process) cranes for various industry segments like steel, power, general manufacturing, automotive, paper, etc. Mr Gopal Vazirani, because of his vast experience of the crane industry and good relations with customers all over India, has been requested by Konecranes to continue his association with the company as the Honorary Chairman (Non-Executive).
“WMI boosts our presence significantly in the fast growing Indian crane market. Our aim is to further grow the business potential by extending the offering with technologies developed by Konecranes. The product offerings of the two companies complement each other very well,” says Pekka Lundmark, President and CEO of Konecranes Plc. “Furthermore, the acquisition of WMI adds India truly into our sourcing and supply network. With its vast installed crane base, WMI also creates an excellent base for building our service business in India.”
The acquisition is an important step in increasing and strengthening Konecranes’ presence in the growing Indian crane market. WMI has an extensive sales network and the installed base of over 4,000 cranes is now supported by Konecranes’ rich experience in crane service and maintenance. Konecranes targets to grow the market share in crane service business in India.
Through the acquisition of WMI Cranes, Konecranes has a product portfolio available that fulfills the needs of the Indian market. The acquisition also gives access to the vast Indian supplier base. There is a huge potential in sourcing activities in India. In the future it also might be possible to export cranes from India, which will generate export revenues for the company.
Konecranes India has a manufacturing facility in Sanaswadi, near Pune. WMI Cranes has two facilities, one in Bhandup, Mumbai, and another one in Jejuri near Pune. Konecranes plans to expand the crane factory in Jejuri which when fully operational, will be one of the largest crane factories in India with a capacity to make 1,000 cranes annually.
The expanded factory would employ people from the rural areas in and around Jejuri. The investment would also boost local business in the area and create more employment opportunities for local people in the future. Also the local community in Jejuri would benefit through support provided to schools and hospitals in the area.
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 2010, Group sales totaled EUR 1,546 million. The Group has 11,400 employees, at 578 locations in 46 countries. Konecranes is listed on NASDAQ OMX Helsinki (symbol: KCR1V).