The joint owners of Nordic Crane Group, Kynningsrud and Stangeland Gruppen, have decided to split the business into two and go their own ways.
Kynningsrud has taken over all of the Nordic businesses in eastern Norway and all operations in Sweden and will be known as Nordic Crane Kynningsrud .
Stangeland Gruppen has taken over the businesses in Southern, Western, Central and Northern Norway, becoming Nordic Crane Stangeland - trading as Norway Crane Group.
The subsidiaries retain their trading names, at least in the short term, and customers should not notice any changes. National framework agreements will remain in place and all contracts and agreements honoured. .
The split leaves each partner with around half the business, each with revenues of around NK600 million ($70 million) and 300 employees.
Kynningsrud and Stangeland merged their respective crane businesses in 2008, creating Nordic Crane Group with each owning 50 percent of the combined business. Since then the business has doubled its revenues. click here to see Norwegian crane merger
The two owners issued a joint statement saying: “Despite strong growth, synergies have not worked out the way we wanted. Geographical distances prevented the Nordic Crane Group from utilise its resources efficiently enough.”