Sumitomo Heavy Industries, Ltd. (TSE:6302) agreed to acquire remaining 34% stake in Sumitomo Heavy Industries Construction Cranes Co., Ltd. from Hitachi Construction Machinery Co., Ltd. (TSE:6305) for Ã7.3 billion on November 29, 2022. As on November 30, 2022, share transfer agreement signed. As a part of transaction, Sumitomo Heavy Industries, Ltd will acquire 27,200 shares of Sumitomo Heavy Industries Construction Cranes.
For the year ended March 31, 2022, Sumitomo Heavy Industries Construction reported net assets of approximately Ã19 billion, total assets of approximately Ã29 billion, sales of approximately Ã36 billion, operating profit of Ã912 million and net profit of Ã687 million. The transaction is expected to complete on December 31, 2022.