Friday , 24 January 2020
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Konecranes has signed a letter of intent to acquire the majority shareholding in Chinese hoist and crane manufacturer Jiangsu Three Horses Crane Manufacture (SANMA) with the intention of finalising the deal in early 2009.

Konecranes to acquire Chinese hoist and crane manufacturer

SANMA is currently owned by its management and if the deal is realised, SANMA will be converted into a joint venture company. The final agreement is subject to inspection and approval by Chinese authorities.

SANMA, based in Jingjiang about two hours northwest of Shanghai, is one of the leading hoist brands in China with more than 500 employees. The company produces thousands of hoists and hundreds of cranes per year and it has a wide distribution network in China.

“Once realised, the joint venture will strengthen our position and competitiveness in the huge Chinese market,” says Harry Ollila, president, Konecranes Northeast Asia. “At the same time, Konecranes will be able to expand sales and increase supplier and procurement activities in the country.”