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    1. Construction Lifting & Concrete Placement

    Sumitomo Buys Back Hitachi Construction Machinery Shares

    Jan. 17, 2023
    Sumitomo is the parent company of Link-Belt Cranes
    Sumitomo Heavy Industries
    Bauma 22 Aerial 63c6caa682012

    Sumitomo Heavy Industries (SHI), the parent company of Link-Belt Cranes, has acquired shares of Sumitomo Heavy Industries Construction Cranes Co., Ltd. (HSC) held by Hitachi Construction Machinery Co., Ltd. (HCM). The move will make HSC a wholly owned subsidiary of SHI.

     The transaction occurred at the end of 2022 when SHI acquired the remaining 34 percent of shares held by HCM. HSC is now a 100-percent wholly owned subsidiary of SHI.

    The move is intended to grow the company’s construction crane business, according to SHI, 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.

    “This further reinforces SHI’s long-term commitment and investment in the mobile crane business,” said Melvin Porter, president/CEO of Link-Belt Cranes, in a statement. “We look forward to the continued growth and strengthening of the mobile crane business with the support of SHI and collaboration with HSC.”

    Source: Sumitomo Heavy Industries

    About the Author

    Rod Sutton

    Sutton has served as the editorial lead of Construction Equipment magazine and ConstructionEquipment.com since 2001. 

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