Konecranes will inject millions into research and development (R&D) activities after securing a EUR50 million (USD64.4 million) loan from the Nordic Investment Bank.
The seven-year maturity loan agreement will finance Konecranes' R&D program for 2014-2017 and help the company focus on new business opportunities in two areas: industrial Internet and next generation mid-market products.
Konecranes' Industrial Internet initiative makes machines intelligent and aware of their condition, and networks them to create real-time visibility to boost safety and productivity. For example, the company's TRUCONNECT remote monitoring and reporting service includes a variety of distinct remote services ranging from periodic data reporting to real-time diagnostics, technical support and production monitoring
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Another part of Konecranes' R&D program focuses on its lifting equipment offering.
By combining smart automation and control systems with innovative mechanical solutions, Konecranes says it is possible to create next generation, modular products, which serve both advanced and developing markets while bringing necessary scalability and cost efficiency in production.
Koncranes has increased its R&D-related expenditure by 16% since 2009. The R&D costs for 2013 totaled EUR25.6 million (USD33 million), which represented 1.2% of the company's net sales.
Separately, Konecranes has launched a new overhead crane for emerging markets. The new crane, the CXT UNO, has been developed to give small and medium-sized customers in emerging markets access to Konecranes technology and extend the company's product offering for those markets.
The CXT UNO is targeted at companies operating in manufacturing, construction, and logistics. Based on Konecranes' existing CXT hoist, it delivers many of the strengths of the CXT. It is Konecranes' second product to be launched for emerging markets this year and follows the BOXHUNTER, a new type of rubber-tyred gantry crane for ports and terminals.
"The CXT UNO is important for us because it expands our product offering into a segment where we haven't been present before," explains Jukka Paasonen, vice president, head of business line industrial crane products.
Capable of lifting loads up to 10T up to 9 m (29.5 ft.) off the ground, the CXT UNO features a two-speed hoisting and travelling design with a fixed pendant controller, tagline festooning, and compact single-girder construction, and can operate over spans of up to 20 m (65.6 ft.).
The CXT UNO is being initially launched in India, a market where Konecranes has been building a growing presence over the last few years. The crane will be introduced in other countries in the near future.