Konecranes Saudi buyout
12 July 2011
Finland-based Konecranes has acquired Saudi Arabian crane manufacturer Saudi Cranes & Steel Works Factory Company, headquartered in Al Jubail Industrial City.
Saudi Cranes' core business is designing, manufacturing and selling industrial cranes, and previously had a license agreement with Konecranes. Its net sales for 2010 were about €17 million (US$23.7 million). Customers are mainly in the oil, gas & petrochemical industries, steel plants, railways, workshops, power plants and other process industries in the Arabian Peninsula.
Following strong growth, the company's manufacturing plant was expanded at the end of 2008 using specifications from Konecranes. "The acquisition of Saudi Cranes will give Konecranes the opportunity to strengthen its position in the important Saudi Arabian market, which is witnessing significant growth in major industries," said Pierre Boyer, Konecranes senior vice president.
Saudi Cranes' previous owner is Sheikh Saad Al Issa. The company's management from that period has continued at the company. Saudi Cranes was consolidated into Konecranes' books in June 2011.
