KONECRANES CONTINUES TO EXPAND ITS MACHINE TOOL SERVICE BUSINESS
Company acquires the assets of King Tool Co. following the recent acquisitions of Machine Tool Solutions Unlimited and Ohio Hi-Speed Machine.
Posted: November 29, 2010
In October 2010, Konecranes (Springfield, OH) expanded its Machine Tool Service (MTS) business in the U.S. by acquiring the assets of King Tool Co. in Erlanger, KY. King Tool was founded in 1978 and provides a wide range of services to customers, including machine tool retrofits and rebuilds. The annual net sales of the company in 2009 were approximately $3.9M. The company has 15 employees. The value of the acquisition was not disclosed.
“The acquisition of King Tool builds on our foundation in machine tool service. The MTS business of Konecranes in the U.S. is a strategic fit with our traditional core competency in overhead crane maintenance services. With the addition of King Tool, our growing MTS business allows us to broaden our offering to new and existing customers in a variety of industrial segments,” said Tom Kurtz, general manager, MTS, Konecranes Region Americas.
King Tool is the third acquisition by Konecranes in the U.S. following Machine Tool Solutions Unlimited of Cincinnati, OH, in October 2009, and Ohio Hi-Speed Machine of Cleveland, OH, in August 2010. The previous owner and founder of King Tool, Bob King will continue in the newly acquired company.
The financials of King Tool will be consolidated into Konecranes for the fourth quarter of 2010. The effect is expected to be immaterial on the current year’s results.
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