07.01.2014

Raimondi ownership change

Prince Khaled bin Alwaleed Al Saud, owner of Saudi Arabian investment company KBW Holding, has purchased Italian tower crane manufacturer Raimondi for an undisclosed fee.

Following its purchase the company announced plans to spend around $100 million on expanding its Italian manufacturing facilities as well as building new facilities in Brazil, Saudi Arabia and India. The company said that these changes will allow it to increase production and offer a wider product range together with local presence and service.

Al Saud said: “Raimondi’s acquisition is a key addition to our global strategy, and one in which I take great personal pride and interest. If I have learned anything from my father’s strategy in investments, its investing in companies that have a long and successful history – and certainly very little companies in the world can indeed compete with Raimondi’s 150 years of 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.”
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Prince Khaled bin Alwaleed Al Saud

Al Saud is the only son of Prince Alwaleed bin Talal Al Saud who is the owner of one of the world’s largest private investment holding companies, Kingdom Holding.