KCI Konecranes, a world leader in advanced overhead lifting solutions, has acquired the privately-owned reach stacker and forklift manufacturer, SMV Lifttrucks AB.
A statement issued yesterday said the acquisition price would be between SEK180 million (USD24 million) and SEK220 million (USD29.4 million).
The acquisition was subject to regulatory approval and should be completed by the end of the year, according to KCI Konecranes special cranes president Mikko Uhari.
"SMV's product portfolio is complementary to KCI Konecranes', and extends our total product range," he said.
"The reach stacker and lift trucks (lines) constitute a natural addition to our existing container handling equipment range, consisting of ship-to-shore cranes, rubber-tyred and rail-mounted gantry cranes.
"This enables us to position ourselves as a complete solution provider in harbours, intermodal terminals and in the shipping industry."
SMV managing director KG Salomonsson told Forkliftaction.com News the acquisition created a "perfect fit".
"There is a perfect fit between the product portfolio of SMV and Konecranes and, with the extended range, we can now together cover the entire logistics chain in harbours, intermodal terminals and the shipping industry," he said.
SMV was founded in 1947 and last year the company recorded SEK374 million (USD49.9 million) in net sales. The company manufactures reach stackers and forklifts from 10-60 tons (9-54 tonnes), and is currently owned by management and a private investor.
SMV's main markets are Europe, Asia, Australia, South America, the Middle East and Africa.
The 85 staff and SMV production plant in Markaryd, Sweden, would be incorporated into KCI Konecranes' Special Cranes division, which accounts for 24 per cent of the group's total sales.