Saudi prince buys crane company
Prince Khaled plans to build KSA factory
Italian crane tower crane manufacturer Raimondi has been purchased by Saudi Arabia’s HRH Prince Khaled bin Alwaleed Al Saud, the only son of the mega-investor Prince Alwaleed bin Talal AI Saud, owner and chairman of Kingdom Holding.
The 150 year-old company was purchased by Prince Khaled through his investment holding company KBW Holding for an undisclosed amount.
Raimondi’s distinctive cranes, with their rounded operator cabs, are used through-out the Gulf, and the company enjoys a solid reputation in the major crane market of India.
According to a statement, the company will now embark on an investment programme worth $100 million, including plans to build new production facilities in Saudi Arabia, which would make it the only tower crane manufacturer with a factory in the Kingdom. In addition the company will expand its manufacturing facilities in Italy, as well as building new factories in Brazil and India.
In announcing the deal, Prince Khaled visited the company’s headquarters in Milan, meeting staff and posing for photos.
“Raimondi’s acquisition is a key addition to our global strategy, and one in which I take great personal pride and interest,” said the new owner and chairman. “If I have learned anything from my father’s strategy in investments, it’s investing in companies that have a long and successful history.
“Raimondi now seeks to further strengthen its technological capabilities to achieve even higher quality and performance with new and reliable technology in all of its products range. This translates into greater competitiveness and global reach”.
