Merger with Konecranes approved despite antitrust concerns
In February 2022, the European approved the merger of Konecrane and Cargotec Oyj. The manufacturer and cargo solution providers’ merger creates a European cargo and port operations super company, capable of designing and manufacturing logistics products. It represents a major consolidation, bringing an estimated 100 million EUR in cost reductions. The proposed company expects revenue of 7 billion EUR. The approval requires Konecrane’s divestiture of its Lift Truck manufacturing business and the sale of Cargotec Oyj’s Automation Solutions business. The merger still awaits approval in the US, UK, Singapore, Israel, and other countries.
Competition|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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