The U.S. subsidiary of KCI Konecranes Inc. (Finland), has acquired 59.2% of the shares of MMH Holdings, Inc., the owner of Morris Materials Handling, Inc., for approximately $38.5 million. In announcing its position, Konecranes reported that it may acquire additional shares in MMH Holdings.
With U.S. headquarters in Springfield, Ohio, Finland-based KCI Konecranes Group's product range includes light crane systems, heavy-duty cranes for process industries and shipyards, special harbor cranes for bulk materials and containers as well as reach stackers and lift trucks. In 2005, Group sales totaled EUR 971 million. The Group has over 6,000 employees in 38 countries.
Over 120 years old, Morris Material Handling (Oak Creek, Wis.) manufactures and services overhead cranes. Annual sales for Morris Material Handling, Inc. were approximately $170 million in its most recent fiscal year. The company has approximately 980 employees.
Source: KCI Konecranes Group.