Sumitomo Heavy Industries Ltd (SHI), the parent company of Link-Belt Cranes, has announced an agreement with Hitachi Construction Machinery Co Ltd (HCM) to acquire the shares of Sumitomo Heavy Industries Construction Cranes Co Ltd (HSC) held by HCM and make HSC a wholly owned subsidiary of SHI.
The share acquisition occurred effective 31 December 2022. SHI acquired the remaining 34% of shares held by HCM, thereby making HSC a 100% wholly owned subsidiary of SHI.
SHI stated that its business strategy is to grow and strengthen the construction crane business, to reinforce cooperation related to the lifting business within the SHI group, and to solidify SHI’s Logistics & Construction Segment business, which includes the construction machinery business.
Melvin Porter, CEO and president of Link-Belt Cranes, said, “This further reinforces SHI’s long-term commitment and investment in the mobile crane business. We look forward to the continued growth and strengthening of the mobile crane business with the support of SHI and collaboration with HSC.”