Konecranes ups stake in MMH

HMM first acquired a 59.2 per cent stake in MMH Holdings on 19 May 2006. It then paid a further $9.9m on 26 May to increase its stake to 74.5 per cent. The latest purchase of shares cost it an additional $10.3m.

Morris Material Handling Inc, based in Oak Creek, Wisconsin, has been established in North America for 120 years and is a recognised player in the maintenance service and overhead crane industry. Its sales in 2005 amounted to $170m; first-half sales for 2006 were $102m, with an operating profit of $5.5m. The firm has approximately 980 employees.

KCI Konecranes, based in Finland, recorded group sales of €971 million in 2005. It has more than 6,000 employees in 38 countries.