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Konecranes

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Konecranes Oyj
Company typeJulkinen osakeyhtiö
Nasdaq Helsinki: KCR1V
ISINFI0009005870
IndustryEngineering and service
PredecessorCrane division of Kone
FoundedApril 15, 1994; 30 years ago (1994-04-15)
Headquarters
Hyvinkää
,
Finland
Key people
  • Christoph Vitzthum​ (chairman)
  • Anders Svensson (president and​ CEO)
  • Teo Ottola (CFO)
ProductsHeavy and standard lifting cranes and service
RevenueIncrease €3.966 billion (2023)
Increase €402.5 million (2023)
Increase €275.6 million (2023)
Total assetsIncrease €4.552 billion (2023)
Total equityIncrease €1.595 billion (2023)
Number of employees
Increase 16,586 (2023)
Divisions
  • Industrial Equipment​
  • Service​
  • Port Solutions
Websitewww.konecranes.com
Footnotes / references
[1][2]

Konecranes Oyj is a Finnish company, headquartered in Hyvinkää, which specializes in the manufacture and service of cranes and lifting equipment as well as the service of machine tools.

Konecranes is one of the largest crane manufacturers in the world[3] and it produces about one in ten of the world's cranes,[4] of which around 80% are for use in factories, the rest at ports.[5] Konecranes operates in over 50 countries and has about 16,500 employees.[6]

Corporate history

[edit]

As part of Kone (1933-1994)

[edit]

Konecranes originated within the Finnish Kone Corporation. Its history traces back to 1933 when Kone embarked on the production of Electric Overhead Traveling Cranes. In 1988 the crane business was combined into the KONE Cranes Division.[7]

KONE Cranes Division remained an integral component of Kone until the year 1994. In February of that year, Kone made a strategic decision to refocus its efforts on the elevator business, leading to the divestiture of the crane division into an independent entity. This newly established company was named KCI Konecranes, with ownership transferred to the equity company Industri Kapital.[8][9][10]

The first CEO was Dr. Stig Gustavson.[11]

KCI Konecranes (1994-2005)

[edit]

During Gustavson's time as CEO of KCI Konecranes, the company saw success with profitable operations and increased order backlog. The company was listed on the Helsinki Stock Exchange in 1996.[citation needed]

The Asian economic crisis in the late 1990s temporarily affected sales, but in the 2000s, KCI Konecranes continued to grow by establishing new factories and making acquisitions to expand into new markets, becoming one of Finland's most international companies.[12]

In 1997, the company acquired German MAN SWF Krantechnik,[13] and operations in China began in 2002 with a factory in Shanghai.[14] The product range expanded in 2004 to include lift trucks and reach stackers with the acquisition of the Swedish SMV Liftrucks.[15] Further acquisitions followed in 2005, including R.STAHL AG's material handling division and MMH Holdings, Inc.[16][17]

A merger plan between Partek and KCI Konecranes was announced in 2002. However, the merger fell apart on the same day as Kone unexpectedly announced the purchase of the state's 30.2% ownership in Partek, effectively preventing the union. Gustavson acknowledged Partek's move to Kone and revealed the company's withdrawal from the merger plan.[18][19]

In the summer of 2005 Gustavson retired as CEO but he remained as the chairman of the board.[11]

Pekka Lundmark, then the CEO of Hackman, succeeded Gustavson as CEO of KCI Konecranes.[20]

Konecranes (2006-2015)

[edit]

In 2006 KCI Konecranes released a new global brand strategy. In it they dropped the KCI from the company name and adopted the slogan "Lifting Businesses".[21]

Konecranes continued its focus on diversification, expanding its product portfolio to include a broader range of lifting equipment, material handling, and industrial services. This strategy allowed the company to tap into new markets and industries beyond its traditional stronghold in port and container handling equipment.[22]

By 2008, the acquisition of key competitors and strategic partnerships enabled the company to establish a more robust presence in North America, Asia, and other emerging markets. This period saw Konecranes setting up new manufacturing facilities and service centers across various continents.[22]

In the early 2010s, Konecranes invested heavily in research and development to introduce technologies such as automation, remote monitoring, and predictive maintenance, into its product offerings.[23][24]

in 2015 Pekka Lundmark announced his resignation as the CEO.[25] He is succeeded by Panu Routila who comes from Ahlström Capital.[26]

Konecranes and Terex (2015-2020)

[edit]

In the summer of 2015 Konecranes announced a merger plan with the US based Terex Corporation. The new Konecranes Terex plc would have been based in Finland and would have been the industry leader. The merger was estimated to be completed by the end of the first half of 2016.[27]

in May of 2016 the merger was called off due to an competing offer to Terex by the China based Zoomlion. Instead of the merger Terex agreed to sell the Material Handling and Port Solutions division to Konecranes for 1.3 billion euros.[28][29]

In August of the same year the European Commission approved the sale but with the condition that Konecranes would have to divest their STAHL Cranesystems business.[30] In December Konecranes announced that it had sold Stahl to US based Columbus McKinnon.[31]

In January of 2017 the acquisition of the Terex MHPS -division was completed. [32] Also the MHPS got back its old name as the division was renamed to as Demag Cranes & Components.[33]

In February 2020 Rob Smith was named as the new CEO who joined Konecranes from AGCO.[34]

Konecranes and Cargotec (2020-2022)

[edit]

In October 2020 Konecranes informed about a plan to merge with another Finnish company called Cargotec (also a former division of Kone).[35]

In August 2021 Rob Smith informed that he will leave Konecranes by the end of the year. After Smith and until the merger is complete, the interim CEO of Konecranes was the CFO, Mr. Teo Ottola. [36] It was also announced that the CEO of Cargotec, Mika Vehviläinen, would be the CEO of the new company.[37]

Also in August 2021 the Chinese State Administration for Market Regulation approved the merger.[38]

In February 2022, the European Commission approved the merger.[39]

In 29th of March, 2022 the UK Competitions and Markets authority informed that they are blocking the merger. [40]

On the same day Konecranes and Cargotec informed that the merger has been cancelled. [41]

Konecranes (2022- )

[edit]

In October 2022, Anders Svensson started as the new CEO of Konecranes. He joined Konecranes from Sandvik.[42]

In April 2024, it was announced Konecranes had acquired the German crane and service supplier, Kocks Kranbau for an undisclosed amount.[43]

Business operations

[edit]

Konecranes operates through three business areas.

Industrial Equipment

[edit]

The Industrial Equipment business area specializes in the design, production, and distribution of industrial cranes and material handling equipment. This includes overhead cranes, workstation lifting systems, hoists, and customized load handling attachments. Serving diverse sectors such as manufacturing, automotive, steel, and paper.[44][45]

Service

[edit]

The Service business area is delivering maintenance, refurbishment, and repair services.[44][46]

Port Services

[edit]

The Port Services business area is dedicated to catering to the demands of port and terminal operations worldwide. Using advanced container handling technologies, this segment delivers container cranes, straddle carriers, and other specialized equipment for cargo movement and storage in ports.[44][47]

Subsidiaries

[edit]

Some of the fully owned subsidiaries by Konecranes:[48]

  • Demag Cranes & Components
  • Donati Sollevamenti
  • Eurofactory
  • MHE-Demag
  • Morris Material Handling
  • Port Equipment Southern Africa
  • R&M Materials Handling
  • Saudi Cranes & Steel Works Factory
  • SWF Krantechnik
  • Verlinde

Shareholders

[edit]

The top 10 major shareholders as of 22 of August, 2023.[49]

  1. Solidium Oy
  2. Varma Mutual Pension Insurance Company
  3. Ilmarinen Mutual Pension Insurance Company
  4. Holding Manutas Oy (investment company of Antti Herlin)[50]
  5. Grotenfelt Nora Elisabeth
  6. Landtman Johanna Helena
  7. Elo Mutual Pension Insurance Company
  8. Svenska litteratursällskapet i Finland r.f.
  9. The State Pension Fund
  10. Säästöpankki Funds


References

[edit]
  1. ^ "Governance and Financial Review 2023" (PDF). Konecranes. Retrieved 2024-06-26.
  2. ^ "KCR, Konecranes Oyj". Nasdaq. Retrieved 2018-10-06.
  3. ^ "Which are the largest crane manufacturers in the world in 2022?". International Cranes and Specialized Transport. Retrieved 2023-08-22.
  4. ^ ben-Aaron, Diana (30 July 2008). "Konecranes Rises Most in 10 Years on Earnings, Target". Bloomberg. Retrieved 2008-07-30.
  5. ^ Marsh, Peter (28 July 2008). "Konecranes proves a tower of strength". Financial Times. Retrieved 2008-07-30.
  6. ^ "Konecranes in Brief". Konecranes. Retrieved 2023-08-22.
  7. ^ "History". Konecranes. Retrieved 2023-08-22.
  8. ^ "Konecranes - laatuyhtiön liiketoiminnot nousuun? | Sijoitustieto.fi". www.sijoitustieto.fi (in Finnish). 2019-10-01. Retrieved 2023-08-22.
  9. ^ "History". Konecranes. Retrieved 2023-08-22.
  10. ^ "KCI Konecranes (Konecranes) I Private Equity Investment I Mid Cap". IK Partners. Retrieved 2023-08-22.
  11. ^ a b "Stig Gustavson - MCF Corporate Finance". www.mcfcorpfin.com. 2020-02-19. Retrieved 2023-08-22.
  12. ^ "Vuorineuvos Stig Gustavson (1945–)". kansallisbiografia.fi. Retrieved 2023-08-22.
  13. ^ "Behind the badge - HOIST magazine". www.hoistmagazine.com. Retrieved 2023-08-22.
  14. ^ "KCI Konecranes strengthens its positions in China | Corporate press releases". Konecranes. Retrieved 2023-08-22.
  15. ^ "The story of Konecranes Lift Trucks | Konecranes Lift trucks". www.kclifttrucks.com. Retrieved 2023-08-22.
  16. ^ "Konecranes to buy R Stahl Foerdertechnik - HOIST magazine". www.hoistmagazine.com. Retrieved 2023-08-22.
  17. ^ "KCI Konecranes acquired 100 % ownership stake in MMH Holdings, Inc. and ups its full year 2006 guidance | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  18. ^ "Partek Konecranes swiftly abandon merger plans in face of Kone opposition - Cranes Today". www.cranestodaymagazine.com. Retrieved 2023-08-22.
  19. ^ Erola, Marko (2002-05-21). "Valtio myy Partek-osuutensa Koneelle". Ilta-Sanomat (in Finnish). Retrieved 2023-08-22.
  20. ^ "Pekka Lundmark new CEO of KCI Konecranes | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  21. ^ "KCI Konecranes to refresh its brand identity | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  22. ^ a b "Mergers & Acquisitions". Konecranes. Retrieved 2023-08-22.
  23. ^ "Industrial Internet Now Offers a Tantalizing Glimpse Into the Future". Yahoo News. 2015-08-27. Retrieved 2023-08-22.
  24. ^ "Q&A: Konecranesin Pekka Lundmark ja teollinen internet". Sitra (in Finnish). 2014-09-10. Retrieved 2023-08-22.
  25. ^ "Konecranes Plc's President and CEO Pekka Lundmark to leave the Company | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  26. ^ "Panu Routila appointed Konecranes Plc's new President and CEO | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  27. ^ "Konecranes announces merger with US heavy equipment company". News. 2015-08-11. Retrieved 2023-08-22.
  28. ^ "Terex walks away from Konecranes merger to continue talks with Zoomlion". Equipment World. 2016-05-18. Retrieved 2023-08-22.
  29. ^ "Konecranes to buy Terex unit, full merger scrapped". Reuters. 2016-05-16. Retrieved 2023-08-22.
  30. ^ "Konecranes' acquisition of Terex MHPS clears, but Stahl divestment required - HOIST magazine". www.hoistmagazine.com. Retrieved 2023-08-22.
  31. ^ "BRIEF-Konecranes sells STAHL CraneSystems business to Columbus McKinnon". Reuters. 2016-12-07. Retrieved 2023-08-22.
  32. ^ "Konecranes has completed the acquisition of MHPS business | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  33. ^ "History | Demagcranes". www.demagcranes.com. Retrieved 2023-08-22.
  34. ^ "Konecranes appoints Rob Smith as President and CEO". American Journal of Transportation. 2019-10-07. Retrieved 2023-08-22.
  35. ^ "Finland's Cargotec and Konecranes to merge into global leader in material flow". Helsinki Times. 2020-10-02. Retrieved 2023-08-22.
  36. ^ "President and CEO Rob Smith to leave Konecranes | Stock exchange releases". Konecranes. Retrieved 2023-08-22.
  37. ^ "Mika Vehviläinen named CEO as Cargotec and Konecranes". my-crane.com. Retrieved 2023-08-22.
  38. ^ "China approves Cargotec and Konecranes merger". International Cranes and Specialized Transport. 2021-08-20. Retrieved 2023-08-22.
  39. ^ "Mergers: Commission clears the merger of Cargotec with Konecranes, subject to conditions". European Commission - European Commission. Retrieved 2023-08-22.
  40. ^ "CMA blocks planned Cargotec / Konecranes merger". GOV.UK. Retrieved 2023-08-22.
  41. ^ Kauppalehti (2023-08-22). "The UK CMA blocks the merger between Cargotec and Konecranes and thus the Companies have Jointly Decided to Cancel the Planned Merger". Tärkeimmät talousuutiset | Kauppalehti (in Finnish). Retrieved 2023-08-22.
  42. ^ "Konecranes appoints new CEO". vertikal.net. Retrieved 2023-08-22.
  43. ^ "Konecranes Acquires German Kocks Kranbau". Hoist Magazine. 10 April 2024.
  44. ^ a b c "Evolution of our segments". Konecranes. Retrieved 2023-08-25.
  45. ^ "Industrial Cranes". Konecranes. Retrieved 2023-08-25.
  46. ^ "Konecranes Service". Konecranes. Retrieved 2023-08-25.
  47. ^ "Port Solutions". Konecranes. Retrieved 2023-08-25.
  48. ^ "Governance and Financial Review 2022" (PDF). Konecranes. Retrieved 2023-08-23.
  49. ^ "Major Shareholders". Konecranes. Retrieved 2023-08-22.
  50. ^ "Antti Herlin - Biography". www.marketscreener.com. Retrieved 2023-08-22.
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