The agreement between Jebsen & Jessen Group and Konecranes was signed on Dec 5, 2019.
Jebsen & Jessen has signed an agreement to divest our 50% stake in MHE-Demag, our material handling joint venture, to Konecranes. The proceeds will be used entirely to finance our next strategic phase.
The acquisition by Konecranes will also enhance and simplify MHE-Demag’s existing supply chain and allow for a more streamlined growth strategy under single ownership.
“The time is now optimal for MHE-Demag to continue its outstanding corporate journey as part of one of the world’s leading lifting equipment groups. For Jebsen & Jessen, the transaction captures an unprecedented opportunity to grow boldly in our next strategic ventures,” said Heinrich Jessen, Chairman of Jebsen & Jessen.
Adding on, Per Magnusson, Executive Vice Chairman of Jebsen & Jessen noted Konecranes’ potential to help MHE-Demag grow strongly into the future. He said, “Konecranes is a world leading group in lifting equipment and this, combined with MHE-Demag’s successful presence in the region, ensures a very strong combination.”
For Karl Tilkorn, Regional Managing Director of MHE-Demag, this signals the start of an exciting new chapter.
“I am excited to join Konecranes as this will give our customers access to even more advanced solutions throughout MHE-Demag’s vast network in South East Asia, Australia and Taiwan. Joining a global corporation will also provide even bigger opportunities for our talented workforce,” he said.
“This acquisition underlines our intent to pursue profitable growth, and meaningfully expands our footprint in a strategically important region with several fast-growing markets. The acquisition will also bring greater balance to Konecranes’ regional sales structure,” said Teo Ottola, Interim CEO and CFO of Konecranes.
The agreement was signed on December 5, 2019 with the view of completing the transaction by January 2020.