Kynningsrud Crane and Stangeland Crane merge their mobile cranes businesses to become the market leader in Scandinavia

Kynningsrud is primarily positioned within the construction, wind and petro-chemical markets in the eastern part of Norway and in Sweden. Stangeland has its strength within the oil & gas market as well as construction and industrial projects along the coast of Norway.

With almost 300 mobile cranes the group will be the market leader in Scandinavia. In Norway the merged company will operate along the entire coast of Norway – from Halden in the southeast to Hammerfest in the north. In Sweden the company will have its main activity in the south and centre of the country. The combined group will have 375 employees and an expected turnover of some NOK 650 mill. in 2008.

In this capital intensive segment Kynningsrud Crane and Stangeland Crane see many benefits and opportunities from combining their resources to expand the companies. This will be in the best interest of clients, employees and partners.

According to Harald Kynningsrud and Olav Stangeland, the establishment of Nordic Crane Group is an important strategic step in further enhancing their relationship with clients.

A joint depot and organisation will increase execution capabilities and the capacity to serve both new and existing clients. In addition scale benefits will drive cost improvements.

The co-operation includes only the crane business - all other business segments in the two family owned companies will not be affected by this deal.

For more information, please contact:

Chairman of the board Harald Kynningsrud, Kynningsrud Kran AS/AB +47 90 05 75 70
Chairman of the board Olav Stangeland, Stangeland Kran AS  +47 95 19 60 00
Manager Eirik Kynningsrud, Kynningsrud Kran AS   +47 90 98 25 61
Manager Trond Helge Skretting, Stangeland Kran AS   +47 95 19 69 60
Manager Mats Pernhage, Kynningsrud Kran AB    +46 706 33 00 60