KCI Acquires 100 Percent Stake of Morris Material Handling
Finnish crane manufacturer Konecranes Inc. (KCI) has acquired Morris Material Handling Inc. after several rounds of negotiations. KCI’s subsidiary, HMM Acquisition Corp. has boosted its stake in Morris Material’s parent company, MMH Holdings Inc. from 90.9 percent to 96.7 percent. The company has paid $64.6 million in cash. It is expected to pay another $5 million in a series of transactions. The Business Journal has published an article on the Same Topic.
With the acquisition, KCI said it now expects sales for fiscal 2006 to grow by more than 35 percent compared with 2005 sales. The firm had previously expected sales to grow by more than 25 percent. KCI’s 2005 sales were about US$1.2 billion.
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