Grove buys mobile crane firm Krupp

Hanson company Grove Worldwide has paid œ29 million to buy the mobile hydraulic crane business of Krupp. The transaction is subject to regulatory approvals and is expected to be completed by September.

Chairman and chief executive of Grove Worldwide, Robert C Stift, said: 'This acquisition is part of our strategic plan to develop a complete range of products and expand our distribution and product support systems worldwide.'

Krupp Mobilkrane produces a range of 14 all terrain cranes with lifting capacities ranging from 22t to 275t at its factory in Wilhelmshaven in Germany. The company has about 650 employees worldwide.

'The addition of these all terrain cranes will complement the line of rough terrain, truck mounted, all terrain and industrial cranes already offered by Grove,' said Stift.

'The experienced workforce at Wilhelmshaven will be an excellent addition to Grove's worldwide capabilities.'

Hanson chief executive Derek Bonham said that the move into Europe was part of Hanson's strategy of building up its major businesses.

Grove has a factory in Sunderland, but is based in Pennsylvania, USA.