Konecranes expands machine tool business with acquisition

Lifting company Konecranes has expanded its Machine Tool Service business in the U.S. by acquiring King Tool Co. of Erlanger, Ky., for an undisclosed amount. King Tool, with 15 employees, provides a wide range of services to customers, including machine tool retrofits and rebuilds. The company’s net sales in 2009 were about $4 million. King Tool owner Bob King will continue in the newly acquired company.