By Andy Sambidge
Crane manufacturer Raimondi Cranes set for expansion after investment by Prince Khaled bin Alwaleed Al Saud
The only son of Saudi Arabia's Prince Alwaleed bin talal Al Saud, the Saudi billionaire, has been named as the new owner and chairman of Italian firm Raimondi Cranes.
Prince Khaled bin Alwaleed Al Saud, also chairman and owner of investment firm KBW Holding, has announced the purchase of the Milan-based firm that has manufactured and distributed more than 15,000 cranes across the world.
The acquisition by Prince Khaled will enable Raimondi to embark on a growth plan with an estimated investment of $100m over the next few years, the company said in a statement.
The company said it will be expanding its manufacturing facilities in Italy and will also build new facilities in Brazil, Saudi Arabia and India.
"These investments will allow Raimondi to increase production, offer a wider product range, together with local presence and service, all of which is of greater relevance to our clients' increasing and rapidly changing needs," the statement said.
Prince Khaled said: "The acquisition of Raimondi is a key addition to our global strategy and one in which I take personal pride and interest.
"If I have learned anything from my father's strategy in investments it's investing in companies that have a long and successful history."
He added: "Raimondi now seeks to further strengthen its technological capabilities to achieve even higher quality and performance with new and reliable technology in all its products range. This translates into greater competitiveness and global reach."
I'm so happy for Al Saud family. They are the best