“The termination of this co-operation led to several lawsuits between the group and Prim S.p.A. and its shareholders. Several proceedings are continuing, but the group does not believe that these legal processes will have a material effect on the financial position of the group,” KCIKonecranes said in its annual report.
Prim sells overhead and gantry cranes through Prim and Marte branding, and services cranes through the Pronto Gru branding.
KCI Konecranes reported that it had a 25% stake in Prim, with a book value of Euro 135,000.
Following the separation, KCI Konecranes set up a new wholly-owned distribution company near Milan called Konecranes Srl. “Through various dealership arrangements in the past, the Group has a large installed crane base in Italy,” the annual report said.
Much of that installed base is dockside cranes, which the company says is why it has set up the wholly-owned subsidiary.
