Kato expects that the product line-up will be enhanced in the synergy effects between their products and IK products such as mini-excavators, crawler cranes and other crawler equipment.

Kato Works Co., Ltd. and IHI Corporation Ltd., have signed a stock transfer contract today agreeing to transfer 100% shares of IHI Construction Machinery Ltd. from IHI to Kato.

According to the company, Kato expects that the product line-up will be enhanced in the synergy effects between their products and IK products such as mini-excavators, crawler cranes and other crawler equipment.

All current facilities and network including overseas will be kept without major changes for the time being. The two companies will be assimilated over time, and both companies shall enter to new stages while we are confirming synergy effects practically in the market.

The name IK will be changed from IK to a new one to be recognized as one of the KATO Group after the transfer has been completed.

The transfer is subject to regulatory approval, with a scheduled transfer date of November 25, 2016.

This story also appears on Crane Equipment Guide.

Today's top stories

Louisville Pump Station Receives $230M Update

Amtrak Secures $112M in Federal Funds to Upgrade 13 Projects in Northeast Corridor

Hitachi Construction Machinery Wins Silver in 2024 Anthem Award

Turner Construction Leads $675M Concourse Project

Bobcat Celebrates Season of Giving With Volunteerism, Hurricane Relief, Philanthropic Support

MassDOT Plans to Replace Cape Cod's Sagamore Bridge With Two, Three-Lane Spans

HIPOWER Unveils T4F Mobile Power Models

Illinois DOT Celebrates Completion of I-55 Interchange Near Joliet, Shorewood