Konecranes – a group of lifting businesses serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals – recently expanded its Machine Tool Service business in the United States by acquiring the assets of Ohio Hi-Speed Machine in Cleveland. Ohio Hi-Speed Machine provides a wide range of services to customers, including machine tool rebuilding, redesigning, control retrofits, preventive maintenance, calibration and repair services.
Konecranes, whose MTS business is well developed in the Nordic countries and the U.K., says the acquisition of Ohio Hi-Speed Machine enables Konecranes MTS to strengthen its home base in the United States from where the company plans to expand its MTS offering throughout the Americas. The annual net sales of the company in 2009 were about $1.3 million. The company has eight employees. The value of the acquisition was not disclosed.
“The MTS business of Konecranes in the U.S. is a strategic fit with our traditional core competency in overhead crane maintenance services,” says Tom Kurtz, general manager, MTS, Konecranes Region Americas. “With the addition of Ohio Hi-Speed Machine, our growing MTS business allows us to broaden our offering to new and existing customers in a variety of industrial segments.”
Ohio Hi-Speed Machine is Konecranes’ second U.S. acquisition following Machine Tool Solutions Unlimited of Cincinnati in October 2009. The previous owner and founder of Ohio Hi-Speed Machine, Don Dacone, will continue in the newly acquired company.
The financials of Ohio Hi-Speed Machine will be consolidated into Konecranes for the fourth quarter of 2010. The effect is expected to be immaterial on the current year’s results.