Konecranes subsidiary buying up Morris parent

HMM Acquisition Corp, a wholly owned subsidiary of Konecranes, Inc. in the US, has acquired 59.2% of the shares of US-based MMH Holdings for US$38.5 million.

MMH Holdings is the parent company of Morris Material Handling, the US overhead crane manufacturer that last year had sales of $170 million. Morris Material Handling employs 980 people in the US.

Konecranes said that no due diligence report had been carried out prior to the acquisition but, “The company has no reason to believe that Morris Material Handling's general business and financial risk profile would materially deviate from what is typical in the US in this field.”