Konecranes Oyj — M&A Activity 2022

Feb 24, 2022

The European Commission Conditionally Approved the Proposed Merger; the Completion Remains Subject to Further Authority Approvals

The European Commission Conditionally Approved the Proposed Merger; the Completion Remains Subject to Further Authority Approvals

KONECRANES PLC INSIDE INFORMATION February 24, 2022 at 4:00 pm EET

The European Commission Conditionally Approved the Proposed Merger; the
Completion Remains Subject to Further Authority Approvals

The European Commission has conditionally approved the planned merger between
Konecranes and Cargotec. The approval – which follows the Commission’s extensive
investigation and widespread consultation with market participants across Europe
– is conditional on the divestment of Konecranes' Lift Truck business and
Cargotec's Kalmar Automation Solutions. Konecranes’ Lift Truck business includes
its business for the manufacturing and commercialisation of reach stackers, full
container handlers, empty container handlers, as well as forklift trucks. This
includes manufacturing plants in Sweden and China, and contracts with
distributors. Cargotec’ Kalmar Automation Solutions business consists of its
full cranes and straddle/shuttle carrier business, including Kalmar’s
manufacturing plant in Poland and a licence for use of Cargotec's Kalmar brand
for the divested product categories. The divestitures would eliminate overlaps
between the parties' Container Handling Equipment businesses but allow the
combined company to combine other businesses and continue to be a strong player
in all aspects of Container Handling Equipment.

The completion of the merger remains subject to further feedback and approvals
from various other competition authorities, among others the Department of
Justice of the United States and the Competition and Markets Authority of the
United Kingdom. These authorities continue to review the merger based on their
own processes and assessments of the competitive effects of the combination. As
communicated earlier, Konecranes and Cargotec are in continued dialogue with the
relevant competition authorities. In this respect, the views of some of the
authorities have turned out to be challenging.  Therefore, the completion of the
merger by the end of H1/2022 seems challenging and for now the companies do not
give further comments on the timetable or the merger control processes. The
parties will revert to the merger closing timing later and further announcements
will be made in due course.

Until all merger closing conditions are met and the transaction completed, both
companies continue to operate fully separately and independently.

KONECRANES PLC
The Board of Directors

FURTHER INFORMATION
Kiira Fröberg, Vice President, Investor Relations,
tel. +358 (0) 20 427 2050

IMPORTANT NOTICE

The Merger and the merger consideration securities have not been and will not be
registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may
not be offered, sold or delivered within or into the United States, except
pursuant to an applicable exemption of, or in a transaction not subject to, the
Securities Act.

The information in this release is not directed to, or intended for distribution
to or use by, any person or entity that is a citizen or resident of, or located
in, the United States or any other locality, state, country or other
jurisdiction where such distribution or use would be contrary to law or
regulation or which would require any registration or licensing within such
jurisdiction and it does not constitute an offer of or an invitation by or on
behalf of, Konecranes, or any other person, to purchase or sell any securities.

The information in this release contains forward-looking statements, which are
information on Konecranes’ current expectations and projections relating to its
financial condition, results of operations, plans, objectives, future
performance and business. These statements may include, without limitation, any
statements preceded by, followed by or including words such as “target,”
“believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,”
“project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other
words and terms of similar meaning or the negative thereof. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors beyond Konecranes’ control that could cause Konecranes’ actual results,
performance or achievements to be materially different from the expected
results, performance or achievements expressed or implied by such forward
-looking statements. Such forward-looking statements are based on numerous
assumptions regarding Konecranes’ present and future business strategies and the
environment in which it will operate in the future.

Konecranes is a world-leading group of Lifting Businesses™, serving a broad
range of customers, including manufacturing and process industries, shipyards,
ports and terminals. Konecranes provides productivity enhancing lifting
solutions as well as services for lifting equipment of all makes. In 2021, Group
sales totaled EUR 3.2 billion. The Group has around 16,600 employees in 50
countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).

DISTRIBUTION
Nasdaq Helsinki
Major media
www.konecranes.com