Konecranes has agreed to acquire a 70% stake in Mitsubishi Electric FA Industrial Products (MFK) from Mitsubishi Electric Corporation, strengthening its global presence and establishing a significant position in Japan's wire rope hoist market. 

Financial terms of the cash deal were not disclosed.

The acquisition will expand Konecranes' footprint in one of the world's largest wire rope hoist markets while enhancing its offerings in geared motors and maintenance services. 

MFK, founded in 1944, is a leading supplier of wire rope hoists in Japan with an extensive nationwide distributor network and a portfolio covering hoist equipment, spare parts, maintenance services and geared motors.

MFK generates approximately €90 million ($103 million) in annual sales, primarily from Japan, and employs around 400 people across 15 sales offices in nine regions, with its main site in Fukuoka. 

Konecranes said the deal is expected to create operational synergies and support regional growth. 

The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in early 2027.

"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," says Konecranes' President and CEO Marko Tulokas.