Konecranes, Springfield, Ohio, has expanded its Machine Tool Service (MTS) business in the U.S. by acquiring the assets of King Tool Co., Erlanger, Ky.
King Tool was founded in 1978 and provides a wide range of services to customers, including machine tool retrofits and rebuilds. The annual net sales of the company in 2009 were approximately $3.9 million. The company has 15 employees. The value of the acquisition was not disclosed.
Tom Kurtz, general manager, MTS, Konecranes Region Americas, said: "The acquisition of King Tool builds on our foundation in machine tool service. The MTS business of Konecranes in the U.S. is a strategic fit with our traditional core competency in overhead crane maintenance services. With the addition of King Tool, our growing MTS business allows us to broaden our offering to new and existing customers in a variety of industrial segments."
King Tool is the third acquisition by Konecranes in the U.S. following Machine Tool Solutions Unlimited of Cincinnati, Ohio, in October 2009, and Ohio Hi-Speed Machine of Cleveland, in August 2010.
The previous owner and founder of King Tool, Bob King, will continue in the newly acquired company. The financials of King Tool will be consolidated into Konecranes for the fourth quarter of 2010. The effect is expected to be immaterial on the current year's results.
Konecranes' MTS business is well developed in the Nordic countries and the U.K. The acquisition of King Tool enables Konecranes MTS to strengthen its home base in the U.S. from where the company plans to expand its MTS offering throughout the Americas.
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