Newsletter #191 (View other news stories)
Konecranes acquires Morris
LOUGHBOROUGH, United Kingdom
Thursday, 13 Jan 2005
KCI Konecranes has paid GBP8.5 million (EUR12.1 million) to purchase Morris Material Handling Ltd (MMH), a leading UK crane and hoist manufacturer with a brand name dating back to 1884.
Headquartered in Loughborough, in the East Midlands of the UK, MMH has 16 service branches in the UK and a distributor network in Europe, the Middle East and the Far East.
MMH’s products include electric overhead travelling cranes, monorail and chain hoists and crane maintenance services. Last financial year, MMH had sales of GBP25 million (EUR38 million).
KCI Konecranes executive vice-president Pekka Lundmark said: "MMH and KCI Konecranes’ UK maintenance organisation, Lloyds Konecranes [formerly Lloyds British Ltd], are old sister companies, with decades of joint history. The two companies are therefore uniquely positioned to exploit considerable synergies."
MMH managing director Steve Davis said the company had planned to join a larger company.
"To fulfil the potential of MMH we have always considered it necessary for the company to be a member of a larger group dedicated to the manufacture of cranes and the provision of aftermarket services," he said.
"MMH will benefit from access to the KCI Konecranes Group to accelerate the technical advancement of its product offering and increase its market penetration, providing long-term benefits to customers, suppliers and employees."
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