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Norway’s Munck Cranes AS bought by Konecranes
The industrial crane service operations of Norway’s Munck Cranes AS, have been acquired by Finland’s Konecranes, giving it access to new customers and a large installed base of Munck’s industrial cranes on the domestic market and elsewhere in Europe.
Munck Cranes AS is a industrial crane and crane service provider with international component export operations. For almost 100 years, Munck Cranes has served a variety of customers including pulp and paper mills, steel mills, metal service centres and hydro-electric power plants.
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Munck Cranes AS entered into bankruptcy proceedings in late May and Konecranes recently acquired the industrial crane service operations from the bankruptcy estate.
In a statement Konecranes said that most recently, the annual net sales of the acquired crane service business have totalled around €8-10 million and the industrial crane service business has been clearly profitable. This acquisition gives Konecranes access to a
Konecranes has expanded its business in Norway large installed base of Munck’s industrial cranes, and access to new customers and growth opportunities for its Industrial Service and Equipment business area. The business acquired has been run by some 40 employees throughout Norway, operating in four regional teams.
“We welcome our Munck Cranes colleagues to Konecranes and look forward to working together to develop and expand operations in the Nordic region and beyond,” said Tomas Myntti, senior vice president in the EMEA region for Industrial Service and Equipment at Konecranes. In a recent change in management, Topi Tiitola, senior vice president for Integration and Project Management, decided to leave Konecranes to pursue other opportunities. He left Konecranes Leadership Team in July, but will continue to be employed by Konecranes until January 2024, ensuring smooth handover of his duties.
“I want to thank Topi Tiitola for his contribution to Konecranes’ Leadership Team and the company overall over the past years. I warmly wish Topi all the best in his future endeavors,” said Anders Svensson, chief executive of Konecranes, which in its most recent half-yearly results had global sales of €913 million, up by 16 percent year on year.
More information from www. Konecranes.com
