Konecranes has completed the acquisition of the remaining shares of Jiangsu Three Horses Crane Manufacture Co Ltd (SANMA) and now owns 100% of the company.

The transaction value is confidential.

In November 2009, Konecranes announced that it had finalised the acquisition of a majority holding (65%) in SANMA, a hoist and crane manufacturer based in Jingjiang, about two hours drive from Shanghai (Forkliftaction.com News #437). At that time, SANMA became a joint-venture company, with the company's former owners working in management.

"The acquisition is an important step for Konecranes and SANMA will continue as one of Konecranes' power brands in China," the manufacturer says in a statement.

Konecranes wants to penetrate the hoist and crane segment in China that is dominated by local suppliers. It will continue to develop the unit as part of its global supply organisation.