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Konecranes Oyj
TypeJulkinen osakeyhtiö
Nasdaq HelsinkiKCR1V
IndustryEngineering and service
PredecessorCrane division of Kone
Key people
  • Christoph Vitzthum​ (chairman)
  • Rob Smith (president and​ CEO-)
  • Teo Ottola (CFO)
ProductsHeavy and standard lifting cranes and service
RevenueDecrease €3.179 billion (2020)
Increase €173.8 million (2020)
Increase €122.9 million (2020)
Total assetsIncrease €4.017 billion (2020)
Total equityIncrease €1.251 billion (2020)
Number of employees
Increase 17,027 (average, 2020)
Footnotes / references

Konecranes Oyj is a Finnish company, headquartered in Hyvinkää, which specialises in the manufacture and service of cranes and lifting equipment. Konecranes products are made for industries handling heavy loads meaning ports, intermodal terminals, shipyards and bulk material terminals.[4]


The company was initially a division of the Finnish company Kone, which began to manufacture cranes and hoists in the 1930s, but was spun off as an independent company in 1994 when KONE underwent extensive restructuring.[5]

Early years with KONE, 1910-1994[edit]

Konecranes is a Corporate spin-off of Kone, which was founded in 1910. But it was not until in 1933 when KONE Corporation started to build sizeable electric overhead traveling cranes, mainly for the pulp and paper and power industry. Three years later it started to manufacture electric wire rope hoists.[6]

In 1947 the company started to make harbor cranes[6] and in the post-war economy the harbor cranes business line experienced strong growth. In the 1960s KCI Konecranes signed the first preventive maintenance contract with a customer.[6]

In 1973 the company began to expand internationally and it bought the Norwegian company Wisbech-Refsum. In 1983 the company established R&M Materials Handling in Ohio, which was its first foothold in the US, and in 1986 the company acquired Verlinde of France. The organization was changed in 1988 and the crane operations were organized then into the KONE Cranes Division of KONE Corporation.[6]

Lloyds British Testing (which had operations in the UK and Australia) was acquired in 1991 at which time the company started its first office in the UK. During the same year a large restructuring program was launched. Because of this, crane production facilities were cut from 19 to 4 by 1994.[6]

KCI Konecranes, 1994-2006[edit]

KCI Konecranes was formed on 15 April 1994, when KONE Corporation group made some radical changes before it was listed on the Helsinki Stock Exchange. KONE kept its elevator business and sold others, including the operations of its crane division. Two years later also KCI Konecranes was listed on the Helsinki Stock Exchange[5] and has since that grown to become a constituent member of the benchmark OMX Helsinki 25 index.[6]

In 1997, KCI Konecranes expanded into Germany by acquiring German MAN SWF Krantechnik. Later KCI Konecranes experienced high organic growth in Germany, and in 2000 it made several bolt-on acquisitions.[6]

In 2002, KCI Konecranes made history in China: it was the first foreign crane company to receive a complete range of business licensees (including import and export). Also in Japan a milestone was achieved by establishing a joint venture agreement with Meidensha Corporation. After an acquisition of Swedish SMV Lifttrucks AB in 2004 reach stackers and lift trucks were added to the product range. A year later, KCI Konecranes acquired German R.STAHL AG's material handling division, R.Stahl Fördertechnik and the following year MMH Holdings, Inc.[6]

Stig Gustavson was the company's first CEO from 1994 to 2005 and after which he continued as a chairman of the board.[7]

Konecranes, 2006-2009[edit]

The slogan of Konecranes: Lifting businesses

The second CEO, Pekka Lundmark (2005–2015) joined KCI Konecranes in 2004, before that he had worked e.g. for Hackman and Nokia.[8] In 2006 KCI Konecranes launched a new refocused and unified global master brand strategy and identity, and the "KCI" was dropped from the brand name and the slogan "Lifting Businesses™" was introduced.[6]

In 2007 all rights to German straddle carrier manufacturer Consens Transport Systeme GmbH's products were acquired and straddle carrier manufacturing was started. Other acquisitions included Norwegian Kongsberg Automation AS and Swedish Reftele Maskinservice AB.[6]

In 2008 Konecranes produced about one in ten of the world's cranes,[9] of which around 80% are for use in factories and the remainder at ports.[10] Konecranes wanted to increase its presence in the Japanese hoist market, and so it raised its share holding in Meiden Hoist System Company Ltd (MHS) from 49 to 65 percent. It also wanted to expand its activities in Spain so it acquired crane, hoist and service companies Eydimen 2000 S.L. and Ausió Sistemas de Elevación S.L. Other acquisitions of that year were made in Scandinavia and in the UK.[6]

In 2009 Konecranes entered a new business segment—aluminum rail systems and manipulators—with two acquisitions. It also introduced an industrial crane, SMARTON®, which was said to be capable of reducing power consumption and energy cost by up to one third. Konecranes bought 65% of Sanma Crane manufacture Co. Ltd., one of the leading hoist and crane manufacturers in China.[6]

Konecranes, 2010-2014[edit]

In 2010 Konecranes announced six acquisitions related to Machine Tool Service (MTS) in Denmark, in the UK and in the USA. In 2011 Konecranes acquired WMI Cranes Ltd. (WMI) from India and Saudi Arabian crane manufacturer Saudi Cranes & Steel Works Factory Company Limited (“Saudi Cranes”).[6] It also won a contract worth of 80 million Euros to supply the Abu Dhabi Ports Company (ADPC) a container terminal operating system (TOS) and 30 automated stacking cranes (ASCs).[11]

In 2011 Georgia Ports Authority (GPA) ordered 20 RTG cranes and four Super Post Panamax STS (ship-to-shore) cranes for Port of Savannah.[12] The new Cai Mep International Terminal (CMIT) in Vung Tau province of Vietnam ordered 6 port equipment in 2011. Konecranes set up an office in Vietnam.[13]

In 2012 Konecranes introduced a hybrid power option for its RTGs (Rubber tyred gantry crane). With the help of new hybrid (diesel/electric) power sources for RTGs, diesel consumption at ports can be reduced by over 60 percent.[14] The first electrified rubber-tyred gantry cranes (ERTG) in the United States were unveiled by the Georgia Ports Authority (GPA) in December 2012. The new technology reduces fuel consumption by an estimated 95 percent. GPA developed the new ERTG system together with Konecranes, Conductix-Wampfler and Georgia Power.[15] In October 2012 3 sixteen-wheeled RTGs were delivered to the Slovenian Luka Koper Container Terminal, which is the largest such terminal in the Northern Adriatic and which has more than ten machines from Konecranes in use.[16] During the same year Konecranes won a tender to supply its CXT Wire Rope Hoists to CITIC Pacific’s Sino Iron project worth $5 billion. The project in Western Australia's Pilbara region is the largest magnetite iron ore mining and processing project in Australia.[17]

In 2013 Konecranes launched the world's first hybrid reach stacker for container handling. Its lifting capacity is 45 tons and it will cut fuel consumption by around 10 litres per hour.[18] In March 2013 Konecranes launched a Remote Monitoring and Reporting tool, TRUCONNECT. It allows lift truck operators to track the usage, efficiency and productivity of their lift trucks through a remote connection. The data is transmitted wirelessly to the Konecranes Remote Data Center, where it is analysed and compiled in online views and reports, accessible 24/7 through a password-protected customer portal.[19] In June 2013, Konecranes launched a new Automated RTG (ARTG) system. It copes with wide range of surface variations in RTG container yards.[20] In November 2013, Konecranes developed an auto start-stop feature that turns off the lift truck engine when it idles for a period of time. This function helps reduce fuel consumption by 5-15% along with CO2 emissions.[21] In 2013 Konecranes got a contract to deliver the first automated container yard for Indonesia state owned terminal operator, Indonesia Port Corporations, PT Pelabuhan Indonesia III (Pelindo III). The value of the order, which consists of 10 ship-to-shore (STS) cranes, 20 automated stacking cranes (ASC) and five straddle carriers (SC), is thought to be more than €100M.[22]

In 2014 Konecranes completed a delivery of 20 stacking at Port Jersey in the Port of New York and New Jersey.[23]

Konecranes, 2015-[edit]

In April 2015 CEO, Pekka Lundmark was nominated as the new CEO of Fortum. He was followed by Panu Routila who joined the company from Ahlström Capital where he had been president and CEO since 2008. In August 2015, Konecranes announced merger with US based Material Handling solutions[buzzword] company Terex. The merger was treated as "Merger of Equals".[24][25] However, in May 2016, Konecranes signed an agreement to acquire from Terex Corporation its Material Handling & Port Solutions segment against consideration consisting of cash and shares and to terminate the previously announced business combination agreement.[26][27][28]

The position of chairman of the board was changed in March 2016 when Stig Gustavson was followed by Christoph Vitzthum.[29]

In January 2017, Konecranes completed the acquisition of Terex Corporation's Material Handling and Port Solutions (MHPS) business.[30] The consideration for the MHPS business was US$595M and €200M (US$212M) and 19.6M new class B shares, which makes Terex a 25% shareholder in Konecranes. Based on 2015 financials, Konecranes and MHPS had aggregated sales of approximately €3500M (US$3700M) and 19.000 employees.[31]

In September 2019 Konecranes announced it was refreshing some of its products in three new series of industrial cranes. The S-series crane, which is suitable for a number of industrial lifting needs, has replaced the traditional steel cable with synthetic rope. The C-series chain hoist and M-series crane were also introduced, with the latter focusing on heavy lifting needs in particular.[32] In October 2019 Konecranes appointed Rob Smith as president and CEO. He is starting in the position in February 2020 and meanwhile the company's CFO and Deputy CEO, Teo Ottola, will act as the interim CEO. Smith was previously working at AGCO Corporation as Senior Vice President & General Manager, Europe and Middle East. The former president and CEO Panu Routila left the company on the same day.[1] In December 2019, Konecranes said it would acquire the 50% stake in its MHE-Demag JV held by partner Jebsen & Jessen to improve its market position in Southeast Asia. The deal, worth around EUR 147 million, closed in January 2020.[33][34][35]

In October 2020, Cargotec and Konecranes announced that they had agreed to a merger. The deal required two thirds of the shareholders.[36]

In August 2021 Konecranes announced that President and CEO Rob Smith had decided to leave the company. Starting from January 2022 the company's CFO Teo Ottola would act as the interim CEO until the completion of the planned merger.[37]


Konecranes SMARTON winch

The president and CEO of Konecranes is Rob Smith, who started in February 2020[1]

In March 2021 the Konecranes Leadership Team consisted of 9 members: Rob Smith (CEO), Teo Ottola (CFO), Fabio Fiorino, Timo Leskinen, Mika Mahlberg, Juha Pankakoski, Carolin Paulus, Sirpa Poitsalo and Topi Tiitola.[38] [1]

Konecranes has around 17,000 employees in 50 countries.[39] and it is arranged into three business areas: service, industrial equipment and port solutions.[40]

Industrial equipment[edit]

Konecranes Industrial Equipment business division offers hoists, cranes, and material handling solutions[buzzword] for e.g. industries in automotive, metal production, waste-to-energy, pulp and paper industry and wood industry. The division's brands are Demag, SWF Krantechnik, Verlinde, R&M Materials Handling, Morris Crane Systems, and Donati.[40] The business area offers products like industrial cranes, wire rope and chain hoists, crane components, workstation lifting systems, manual hoists, and medium to heavy forklifts.[4]


Konecranes Service business division offers maintenance and modernization services in 600 locations in 50 countries. It also has service products like inspections, preventive maintenance programs, repairs and improvements, on-call service, spare parts, consultation and modernizations.[4][40]


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