Transfer of HSC shares to SHI18 January 2023
HSC becomes subsidiary of SHI following the acquisition of shares by Sumitomo Heavy Industries.
Sumitomo Heavy Industries (SHI), the parent company of Link-Belt Cranes, announced an agreement with Hitachi Construction Machinery (HCM) to acquire the shares of Sumitomo Heavy Industries Construction Cranes (HSC) held by HCM and make HSC a wholly owned subsidiary of SHI.
The share acquisition occurred effective December 31, 2022. SHI acquired the remaining 34 percent of shares held by HCM, thereby making HSC a 100 percent wholly owned subsidiary of SHI.
SHI stated their business strategy is to grow and strengthen the construction crane business, to reinforce cooperation related to the lifting business within the SHI group, and to solidify SHI’s Logistics & Construction Segment business, which includes the construction machinery business.
Melvin Porter, CEO and president of Link-Belt Cranes stated, “This further reinforces SHI’s long-term commitment and investment in the mobile crane business. We look forward to the continued growth and strengthening of the mobile crane business with the support of SHI and collaboration with HSC."