Saudi Prince becomes new owner of Raimondi Cranes
Ownership change will drive expansion of 150-year-old crane company
His Royal Highness, Prince Khaled bin Alwaleed Al Saud has purchased Raimondi Cranes SpA for an undisclosed fee.
The Saudi royal, who is the only son of Prince Alwaleed bin Talal Al Saud, is now owner and chairman of the 150-year-old company.
Al Saud, who is also chairman and owner of KSA investment company KBW Holding, has big plans for the historic crane firm. In light of the acquisition, Raimondi estimates that it will receive investment in the region of $100m over the next three years.
In addition to expanding its existing manufacturing operations in Italy, Raimondi plans to open new facilities in Saudi Arabia, Brazil and India. It is hoped this strategy will allow the firm to increase production, grow its product range, and establish a greater local presence for its customers.
“Raimondi’s acquisition is a key addition to our global strategy, and one in which I take great personal pride and interest,” commented Al Saud. “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,” added the new chairman. “This translates into greater competitiveness and global reach.”