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Konecranes to sell German crane components business for $240-246 mln
December 7, 2016 / 8:19 AM / 10 months ago

Konecranes to sell German crane components business for $240-246 mln

HELSINKI, Dec 7 (Reuters) - Finnish crane maker Konecranes has agreed to sell its German business Stahl to U.S. company Columbus McKinnon Corp for $240-246 million, the companies said on Wednesday.

Konecranes was required to sell Stahl to get European Union clearance for its $1.2 billion acquisition of the crane and container handling division of U.S.-based Terex.

Konecranes expects to book an after-tax capital gain of about 190 million euros ($204 million), while Columbus has estimated cost benefits of about $11 million a year from the deal.

Stahl, a supplier of hoisting technology and crane components, had 2015 earnings before interest, taxes, depreciation and amortisation of about 30 million euros on sales of 145 million euros.

The deal is expected to close before May. ($1 = 0.9328 euros) (Reporting by Jussi Rosendahl. Editing by Jane Merriman)

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