In the first phase, in February, 2011 Konecranes acquired 51% of the shares for INR 1,690m (Euro 28m). In the second phase which has just been completed, Konecranes has purchased the remaining 49% of the shares to bring the total acquisition cost of the 100% shareholding to INR 3,578m (Euro 57m). The purchase price includes approx. Euro 2m investment in WMI’s equity according to the purchase agreement.
According to the company the acquisition marks an important step in strengthening Konecranes’ position in the growing Indian crane market. In 2010, WMI’s net sales exceeded Euro 30m and it has a strong order book to support further net sales growth in 2011.