On 4 May, Konecranes announced it had signed an agreement to acquire 65% of SANMA. The deal was first announced in a letter of intent published in November 2008.
SANMA has now been converted into a joint venture between Konecranes and the existing management, who will maintain 35% of the company. At the first board meeting of the JV, Gu Ning Sheng was named as managing director.
“We are excited about the potential of this joint venture partnership,” said Ryan Flynn, Konecranes’ president, Northeast Asia.
“With SANMA we will be able to penetrate the market segment in China that is now dominated by local suppliers.”
