SANMA is currently owned by its management. If the parties reach an agreement and the deal is realised, SANMA will be converted into a joint venture company. The letter of intent was signed on November 23 2008.
SANMA is based in Jingjiang, about two hours northwest of Shanghai. Its net sales were approximately EUR15m in 2007 and it has more than 500 employees.
“Once realised this joint venture will strengthen our position and competitiveness on the huge Chinese market,” said Harry Ollila, president, Konecranes region north east Asia. “At the same time, Konecranes would be able to expand sales and increase supplier and procurement activities in the country.”
The final agreement is subject to inspection and approval by Chinese authorities.
