Konecranes Strengthens Its Presence in Japan With Planned Acquisition of Mitsubishi Electric's Hoist Business

Konecranes, the Finnish material handling company listed on Nasdaq Helsinki, has agreed to acquire a 70% majority stake in Mitsubishi Electric FA Industrial Products (MFK), a Japanese wire rope hoist manufacturer, from Mitsubishi Electric Corporation. The company was founded in 1944 and headquartered in Fukuoka, and generates roughly €90 million in annual sales. Mitsubishi Electric will retain the remaining 30% stake. The deal is expected to close in early 2027, pending regulatory approval.

The acquisition follows Konecranes' ambition to strengthen its global footprint with strategic acquisitions in its core businesses. Earlier in its Japan growth journey, Konecranes entered into a joint venture with Meidensha Corporation in 2002, for a 49% stake in Meiden Hoist System Company (MHS), increasing its stake to 65% in 2008, and taking full ownership in 2010. The same year, the company also formed a strategic alliance with Japanese hoist manufacturer Kito Corporation, taking a minority stake in Kito and in parallel selling its MHS hoist distribution business to them, continuing in Japan as a supplier of cranes and crane service. Later, the alliance was dissolved in 2016, with Konecranes selling its Kito stake back to the company. In its present form, Konecranes describes its presence in Japan as limited, and MFK, with roughly 400 employees, 15 sales offices, and a broad distributor network, gives it a leading position in the country's wire rope hoist market, alongside geared motors.

The acquisition also extends a broader regional roadmap tracing five decades. Konecranes made its first entry into Asia through Singapore in 1976, marking the start of its Asia-Pacific operations. Since then, its regional expansion also offers a case study for how the region has evolved since the 1980s; foreign industrial manufacturers typically established joint ventures for early entry into Asia, and later bought out their partners once confidence was built. In 2025, APAC accounted for 13% of Konecranes group revenue, with EMEA at 51% and the Americas at 37%.