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Sumitomo Heavy Industries acquires Link-Belt’s parent company
January 17, 2023 By Don Horne
Sumitomo Heavy Industries, Ltd. (SHI), the parent company of Link-Belt Cranes, 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, making HSC a wholly owned subsidiary of SHI.
“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,” says Melvin Porter, CEO and President of Link-Belt Cranes.
The share acquisition occurred effective December 31, 2022. SHI acquired the remaining 34 percent of shares held by HCM, thereby making HSC a 100 percent wholly owned subsidiary of SHI.
SHI stated their 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.
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