The newly acquired IPD business will be known as "MHE", retaining the existing MHE branding, and form the material handling equipment division of Jebsen & Jessen Technology. It will cover manufacturing, engineering, renting, trading, supplying and servicing of MHE's complete range of industrial and material handling products, such as dock levellers and door systems; mechanical car park systems; building maintenance units; boom lifts and Aerial Work Platforms; warehouse trucks and lift systems, among others. The business spans Australia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

"We are excited to welcome the 300-people-strong MHE-Demag Industrial Products (IPD) team to the Jebsen & Jessen Group. The business is already the clear market leader in some segments, and our ambition is to attain market leadership across the portfolio. We are committed to investing in people and the business to achieve our growth ambitions," said Per Magnusson, Group CEO, Jebsen & Jessen Group. "The acquisition aligns well with our Advance & Build strategy and builds upon our distinctive heritage as a trusted provider of quality industrial products and value-added solutions," Per Magnusson continues.

The IPD business to be acquired by Jebsen & Jessen Group is part of MHE-Demag, a member of the Konecranes Group, which was previously a joint venture between Jebsen & Jessen and Demag. Jebsen & Jessen's 50% stake in MHE-Demag was acquired by Konecranes in January 2020. Focusing on its core industrial service and lifting equipment business, Konecranes will, with this deal, be divesting its IPD business to Jebsen & Jessen Group. Since 1972, the business has provided systems for iconic buildings in the region, such as the Petronas Twin Tower, Merdeka 118 and KL Tower in Malaysia, Marina Bay Sands and Gardens by the Bay in Singapore, BNI 46 in Indonesia, Bitexco Financial Tower in Vietnam and Okada Manila in the Philippines. It also provided the mechanism for the retractable roof of the Singapore Sports Hub – the largest free-spanning dome stadium in the world.

"The divestment of our IPD business back to Jebsen & Jessen will allow Konecranes to fully focus on growth in our core businesses in the region and leverage the earlier acquisition of full ownership in MHE-Demag. During our strategic review, Jebsen & Jessen stood out as the right fit with a strong vision and strategy for the IPD business, and I am confident that the industrial product business will continue to flourish in its new home," said Marko Tulokas, SVP, Industrial Service & Equipment, Region APAC, Konecranes.

Upon finalisation of the acquisition, approximately 300 highly-skilled Konecranes' employees will join Jebsen & Jessen Group, alongside related assets including all MHE products and solutions. The acquired business will maintain its current commercial presence, and all operations and business will proceed as usual.

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The issuer is solely responsible for the content of this announcement.

Authors: Jebsen & Jessen Group

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