KITO Acquires Crane and Hoist Manufacturer in India
KITO Corporation (President & CEO: Yoshio Kito, hereinafter referred to as "KITO") today signed an agreement to purchase all shares of Armsel MHE Pvt. Ltd. (Managing Director: A. C. Heri, hereinafter referred to as "Armsel"), a mid-sized crane and holst manufacturer located in India. This action was taken as part of KITO's global growth strategy for the purpose of securing an operating base in India, which is a rapidly growing economy.
Armsel is a reputed company in India with more than 400 client companies all over the country. Armsel has their head office located in Bangalore, the city of emerging economies. Armsel has the strength to provide its high-value-added crane products to its growing customer base, which mainly consists of industries from the steelmaking, oil & gas, infrastructure (including power), mining and manufacturing sectors, located all over India.
In the growing Indian market, KITO will pursue the expansion of Armsel's existing business, which is mainly based an high-value-added crane systems. Together with Armsel, KITO expects to create synergies that would enable KITO to upgrade its capability and provide complete crane systems to clients specifically targeting Japanese manufacturers establishing or expanding in the Indian market. In addition, KITO through Armsel as a beachhead will conduct extensive joint sales activities with the aim of further enlarging business operations and expand distribution of KITO's holst components in India.
[Reference] Armsel corporate profile (1 rupee = 2 yen)
(1) Company name Armsel MHE Pvt. Ltd.
(2) Established 1974
(3) Head office Bangalore, India
(4) Representative A.C. Heri
(5) Business Manufacturing and sale of cranes and hoists
(6) Net sales 265.5 million rupee (about 531 million yen)*
(7) Employees approximately 100
*Net sales: as of the fiscal year ended March 31, 2010
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 €.
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