KCI Konecranes and Meidensha Corporation of Japan, which is part of the Simitomo grouping, have agreed to become joint venture partners in Japan. The agreement is a historically important event on the crane market.

Japan is looked on as one of the biggest single hoist and crane market markets in the world. The electric wire rope hoist market alone is put at 15,000 units. With this agreement KCI Konecranes will establish its position on the Japanese market.

Meidensha will have a 51 per cent interest and KCI Konecranes a 49 per cent interest in Meiden Hoist System Company Ltd, which will continue its hoist and crane operations and will start using KCI Konecranes CXT hoist technology under licence.

Meidensha has been the pioneer in the hoist industry in Japan ever since the Meiden hoist was the first one to be launched in the country in 1937. Meiden is Japan's best-known and oldest hoist brand, and KCI Konecranes leads the way in advanced hoisting technology. Meidensha has assessed that KCI Konecranes technology will be unmatchable on the Japanese market in terms of competitiveness and performance.

Meiden Hoist System Company Ltd has at this moment market share of some 10 per cent in Japan, and its net sales amount to about JPY 2 billion yen (about EUR 17 million). KCI Konecranes CXT hoist technology will support the market strategy, in which the features of the products will correspond to local design and engineering criteria.

KCI Konecranes, which has its headquarters at Hyvinkää in southern Finland, is a world-leading engineering company that specializes in advanced overhead solutions and maintenance services. In 2001 the company's net sales amounted to EUR 756 million. It employs more than 4,400 people in 34 countries all over the world.

Meidensha Corporation, which has its headquarters in Tokyo, produces heavy electric machinery. The company's net sales are JPY 200 billion and the company has 7,600 employees.

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