Konecranes has announced plans to expand its global presence by acquiring a 70% majority stake in Mitsubishi Electric FA Industrial Products (MFK) from Mitsubishi Electric Corporation.
According to Konecranes, the cash acquisition will enable the company to enter Japan, one of the world’s largest wire rope hoist markets, at scale and take a strong position in the country’s wire rope hoist, geared motor and service market. The company added that the deal marks an important step in strengthening its global industrial crane footprint through strategic acquisitions in its core businesses, in line with its growth strategy.
Mitsubishi Electric FA Industrial Products specialises in wire rope hoists in Japan and has an extensive distributor network across the country. The company began operations in 1944 and has developed its hoist and geared motor businesses primarily for the Japanese market, building on technologies and sales networks established over many years.
MFK’s portfolio complements Konecranes’ existing offering and includes hoist equipment, hoist parts, maintenance services and geared motors. According to Konecranes, the planned acquisition will create a range of synergies and support further business development in the region. The company currently has only a limited presence in Japan.
MFK has increased its sales in recent years and generates approximately €90m in annual revenue. Most of its sales come from Japan, with the remainder mainly from other Asian countries. The company operates 15 sales offices across nine regions in Japan and employs approximately 400 people. Its main site is located in Fukuoka.
“I am very pleased with this planned acquisition. MFK’s technologies, products and personnel strengthen our global footprint and give us a more significant presence in the attractive Japanese market under a world-leading and well-known brand. MFK will benefit from being part of a global leader, and for Konecranes, MFK is a very good strategic fit and brings clear synergies. This important acquisition continues Konecranes’ long-term growth focus where acquisitions play a significant role,” said Konecranes President and CEO Marko Tulokas.
The value of the acquisition has not been disclosed. The transaction is expected to be completed in early 2027, subject to the necessary regulatory approvals and customary closing conditions.
