Konecranes and Cargotec to merge

(Posted on 02/10/20)

Plans for Konecranes and Cargotec to merge have been announced in a move which will create a global leader in sustainable, intelligent material flow.

A statement released by Konecranes to customers and contacts highlighted the historic moment for Konecranes and the material handling industry as a whole.

The statement continued, “We are excited to be able to share more details with you as well as what the next steps are in your journey with us.

While Konecranes and Cargotec have been competitors for many years, we also have much in common: Nordic roots, a global outlook, an intense focus on safety and helping customers like you with their material flows, and a commitment to sustainable growth. The opportunity to join forces with Cargotec and create a leader in sustainable material flow resonated deeply with us.

The announcement comes at a pivotal moment in our industry’s development. When you look at trends like automation, robotics, electrification and digitalization, it is clear that together with Cargotec we have the opportunity to become something bigger, something greater than the sum of our parts. Our intelligent technology and broad service network will enable us to deliver even better lifecycle value to you and improve our ability to solve the sustainability challenges in the industry. Backing all of this will be our combined team of top global talent.

While we have taken a big step with the announcement today, there is still much work to do. The combination needs the transaction and competition approval processes to be completed, something we expect to happen by the end of 2021 at the earliest. We will keep you regularly updated as we work towards and meet our major milestones along the way.

Until closing, Konecranes and Cargotec will continue to operate separately and independently. From Konecranes’ perspective, we will continue to serve your needs with our utmost dedication. In that regard, nothing has changed at all – we continue to be as customer focused as before.

We are excited about the value that this merger shall create for customers, shareholders, and partners, and confident that this shall translate into mutual opportunity for both our companies.”