Increased growth through Synergies
On March 23, 2010 the board of directors of KITO Corporation approved a resolution to enter into a business and capital alliance agreement with KONECRANES PLC and KONECRANES FINANCE CORPORATION, which are based in Finland.
KITO and KONECRANES have agreed to enter into a business alliance based on the belief that sharing the respective resources of the two corporate groups will complement both businesses and contribute to their respective growth.
Under this alliance, KITO and KONECRANES will pursue synergies through complementary strength between each other in products and regions for their respective growth strategies, while the two companies will strengthen their global partnership as equal partners and take steps aiming at effectively utilizing the resources of each corporate group.
By making effective use of each other’s regional-networks, the two companies expect to further expand their presence in many regions. KITO plans to increase sales especially in Europe that currently accounts for a relatively small share of its sales. KONECRANES plans to use KITO’s distribution network to increase its sales in East Asia and North America.
As part of realizing the two alliances above, with respect to the Japanese market, KITO and KONECRANES have entered into a memorandum of understanding regarding transferring hoist business of MHS KONECRANES Co. Ltd. which is a joint venture between KONECRANES and MEIDENSHA CORPORATION, to KITO.
About the company
KITO Manufacturing Corporation based in Tokyo/Japan was inaugurated in 1932 and is a major manufacturer of Electrical-, and Manual Chain Hoists. Since the year 2007, the company is listed at the (Tokyo Stock Exchange). Worldwide the brand is firmly established as synonym for excellent products and service. KITO develops and produces the hoist in Japan, China and the Philippines, on the other hand the company is represented by on site-brand offices or trading partner on all continents. The KITO Group employs worldwide 1500 staff and achieved in FY 2009/2010 a turnover of 227 million €.
Kito Europe GmbH
Heerdter Lohweg
D-40549 Düsseldorf
Tel. +49 (0) 211/ 528 009-0
Fax +49 (0) 211/ 528 009-59
info@kito.net