KONECRANES is offering to split off one of its subsidiaries to address concerns from the European Commission (EC) about the supply of hoists within the European Economic Area.<\/p>\n
The subsidiary, STAHL CraneSystems, provides hoisting technology and crane components<\/span> to the global market. As a result of the offer, which will be market tested, the EC has extended its review of the transaction between Konecranes and Terex with an expected decision date of 8 August. Konecranes noted the offer \u201cmay be subject to change\u201d prior to the EC\u2019s decision.<\/p>\n Konecranes CEO Panu Routila said the offer was a result of \u201cvery constructive dialogue\u201d with the EC and the company believes the offer will \u201cfully resolve\u201d the EC\u2019s concerns.
\nWhile that bargaining process continues, Konecranes has also released its interim report for 2016 which covers January through to June. Orders dropped 10.3 percent compared to last year to EUR905.3 million, which Konecranes said was due to lower port cranes orders in the first quarter of 2016.<\/span> Sales declined by a slight 2.3% to EUR987.4 million compared to last year as well.
\nNet profit declined from EUR17 million down to EUR10.9 million, but the second quarter results for the second quarter (April to June) were considerably better. They increased 40.6%, from EUR11.4 million to EUR16 million.
\nCiting the second quarter adjusted operating profit, which had increased by 40.2%, Routila said the rise occurring despite the drop in sales showed Konecranes\u2019 cost savings actions were delivering results.<\/p>\n","protected":false},"excerpt":{"rendered":"