Tower crane manufacturer Raimondi Cranes has a new owner and with it an investment and expansion programme. The long-established Italian manufacturer is now owned by His Royal Highness, Prince Khaled bin Alwaleed Al Saud from Saudi Arabia.
An investment of US$ 100 million will be used to expand manufacturing facilities in Italy and to build new in Brazil, Saudi Arabia, and India, the company said. Production capacity will be increased, new products added and the local presence and service will be developed.
Commenting on the acquisition, Prince Khaled bin Alwaleed Al Saud, said, “Raimondi’s acquisition is a key addition to our global strategy and one in which I take great personal pride and interest. If I have learned anything from my father’s strategy in investments, it’s investing in companies that have a long and successful history… and certainly very few companies in the world can indeed compete with Raimondi’s 150 years of history.”
As a member of the Saudi Royal Family, Prince Khaled bin Alwaleed Al Saud is the only son of HRH Prince Alwaleed bin Talal Al Saud, owner and chairman of Kingdom Holding, and one of the world's largest private investors.