On 1 October 2020, Konecranes Plc and Cargotec Corporation announced that the companies had signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals, according to the company's release.
Konecranes and Cargotec have received an unconditional approval from the State Administration for Market Regulation, the competition authority in China, for their planned merger.
The companies continue to work closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals.
Konecranes and Cargotec are confident that the approvals will be received to allow completion of the Transaction by the end of H1/2022. Until completion, both companies will operate fully separately and independently.
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2020, Group sales totaled EUR 3.2 billion. The Group has around 16,500 employees in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki.