Mandate

Gleiss Lutz advises KION on cooperation with Konecranes in container handling truck business

The KION Group and the Finnish Konecranes have announced that Konecranes has agreed to buy certain assets of the container handling truck business of Linde Material Handling, which is wholly owned by the KION Group. The two companies have also signed a long-term supply agreement. The parties have agreed not to disclose the value of the assets purchased. The transaction is expected to close during the 2nd quarter of 2013.  

The KION Group is one of the leading global manufacturers of industrial trucks and has a workforce of approx. 22,000 employees. According to first estimates based on initial management reporting, it generated revenue of EUR 4.65 to 4.75 billion in fiscal 2012.   Konecranes is a world-leading group of Lifting Businesses (TM). In 2012, its group sales totalled EUR 2,170 million. Konecranes has 12,100 employees at 609 locations in 47 countries.  

Gleiss Lutz advised KION extensively on the cooperation agreement. Partners Dr. Gabriele Roßkopf (corporate/M&A, Stuttgart) and Dr. Jan Bauer (corporate/M&A, Frankfurt) acted as lead counsel. Further members of the Gleiss Lutz team included Dr. Eric Wagner (partner, corporate/M&A), Dr. Alexander Dirigo (corporate/M&A, both Stuttgart), Dr. Stefan Mayer (partner, tax, Frankfurt), Dr. Cindy Lahusen (tax, Stuttgart), Dr. Stefan Weidert (partner) and Dr. Alexander Molle (both IP/IT, Berlin)  

Gleiss Lutz previously advised KION in late 2012 on the acquisition by Chinese Weichai Power of a 25 percent stake in the company and on the sale of a majority stake in its hydraulics business to Weichai. Worth a total of EUR 738 million, the deal is the largest Chinese direct investment in Germany to date.

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