Konecranes, a global leader in material handling solutions, is proceeding with its strategic plans to expand its global presence by acquiring a majority 70% interest in Mitsubishi Electric FA Industrial Products belonging to Mitsubishi Electric Corporation. The cash acquisition would enable Konecranes to enter Japan, one of the world’s largest wire rope hoist markets, at scale and take a strong position in the country’s wire rope hoist, geared motor and service market. This is an important step for Konecranes in strengthening its global footprint with strategic acquisitions in its core businesses, and in line with its growth strategy. The value of the acquisition is not being disclosed.

Mitsubishi Electric FA Industrial Products is a profitable market leader within wire rope hoists in Japan and has a substantial distributor network across the country. It commenced its business in 1944 and has developed its hoist and geared motor businesses primarily in the Japanese market, leveraging technologies and sales networks built over years. MFK’s portfolio complements Konecranes’ current offering and consists of hoist equipment, hoist parts, hoist maintenance and geared motors. The planned acquisition enables a wide range of synergies and further development of the business in the region. Currently, Konecranes has only a limited local presence in Japan.

The company has been growing its sales over the past years and generates approximately EUR 90 million in annual sales. A significant majority of the company’s sales comes from Japan and the rest mainly from other Asian countries. The company has a total of 15 sales offices in nine regions around Japan, and it currently employs approximately 400 people with its main site located in Fukuoka, Japan.

“I am very pleased with this planned acquisition. MFK’s technologies, products and personnel strengthen our global footprint and give us a more significant presence in the attractive Japanese market under a world-leading and well-known brand. MFK will benefit from being part of a global leader, and for Konecranes MFK is a very good strategic fit and brings clear synergies. This important acquisition continues Konecranes’ long-term growth focus where acquisitions play a significant role,” says Konecranes’ President and CEO Marko Tulokas.

The transaction is expected to be completed in early 2027 and is subject to obtaining the necessary regulatory approvals and closing conditions.