{"data":{"news":{"items":[{"title":"HSC becomes wholly owned subsidiary of Sumitomo Heavy Industries","date":"2023-01-23 06:48:23","id":4376,"author":"","blurb":"","blurb_image_uid":"https://dxfpracgmlczp.cloudfront.net/2023/01/1674199710412_Bauma-22-aerial-02-Web.jpg","blurb_expanded_image_uid":null,"article":"\n\t\n\n\n

Sumitomo Heavy Industries Ltd (SHI), the parent company of Link-Belt Cranes, has announced an agreement with Hitachi Construction Machinery Co Ltd (HCM) to acquire the shares of Sumitomo Heavy Industries Construction Cranes Co Ltd (HSC) held by HCM and make HSC a wholly owned subsidiary of SHI.

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The share acquisition occurred effective 31 December 2022. SHI acquired the remaining 34% of shares held by HCM, thereby making HSC a 100% wholly owned subsidiary of SHI.

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SHI stated that its business strategy is to grow and strengthen the construction crane business, to reinforce cooperation related to the lifting business within the SHI group, and to solidify SHI’s Logistics & Construction Segment business, which includes the construction machinery business.

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Melvin Porter, CEO and president of Link-Belt Cranes, said, “This further reinforces SHI’s long-term commitment and investment in the mobile crane business. We look forward to the continued growth and strengthening of the mobile crane business with the support of SHI and collaboration with HSC.”

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President and CEO of Link-Belt Cranes, Melvin Porter, has been named vice president of Link-Belt’s parent company Sumitomo Heavy Industries (SHI) of Tokyo, Japan, with effect from 1 April 2022. He is currently the only officer from a US subsidiary to carry this distinction.

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Founded in 1888, SHI has a long, reputable history as a heavy industries company. In 1989, SHI took sole proprietorship of Lexington, Kentucky-based Link-Belt Cranes and to date, has five main subsidiaries in the US that represent plastics, construction equipment, cryogenics and power transmission components.

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“Being named to the executive team at SHI says more about our company and our product than it does about me,” said Mr Porter. “I’m extremely honoured to hold this position and look forward to the continued development of not just our mobile crane strategy, but the complete umbrella of offerings provided by Sumitomo Heavy Industries.”

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Mr Porter is a 23-year Link-Belt Cranes veteran, joining the company in 1999 as manager for financial planning and taxes. He served as CFO and vice president of finance from 2004 to 2017, before being promoted to president and CEO in May 2017.

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