FINLAND's Hiab, part of Cargotec, and a global leader in on-road load handling, is set to acquire the Italian Effer loader cranes business from Taipei-based CTE Group for EUR50 million (US$58.7 million).
This acquisition means a significant advancement for Hiab's ambition to be the global leader in cranes and the preferred partner for its customers, said a Cargotec statement.
Since 2016, Hiab renewed and expanded its loader cranes portfolio, announcing its renewed light range cranes in May. With the acquisition of Effer, it will complement its loader cranes portfolio and expand its range of heavy cranes.
Hiab is most interested in Effer's 100-tonne segment, in which it is recognised as a global leader. Further Hiab crane brands include Loglift and Jonsered forestry and recycling cranes, as well as Argos loader cranes in Brazil, following its acquisition in October 2017.
Said Hiab president Roland Sunden: 'I am happy to welcome Effer to Hiab family. This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and in particular in loader cranes, the industry that Hiab founded nearly 75 years ago.'
Said Effer CEO Lorenzo Ciprianits: 'Through its size and global scale, Hiab offers the most optimal opportunities for continued growth for Effer and I am delighted that it is becoming part of an organisation with an equally proud past.'
The acquisition is subject to regulatory approvals expected to be received in the second half of 2018. Effer's results will be consolidated into Hiab from the closing date.
This acquisition means a significant advancement for Hiab's ambition to be the global leader in cranes and the preferred partner for its customers, said a Cargotec statement.
Since 2016, Hiab renewed and expanded its loader cranes portfolio, announcing its renewed light range cranes in May. With the acquisition of Effer, it will complement its loader cranes portfolio and expand its range of heavy cranes.
Hiab is most interested in Effer's 100-tonne segment, in which it is recognised as a global leader. Further Hiab crane brands include Loglift and Jonsered forestry and recycling cranes, as well as Argos loader cranes in Brazil, following its acquisition in October 2017.
Said Hiab president Roland Sunden: 'I am happy to welcome Effer to Hiab family. This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and in particular in loader cranes, the industry that Hiab founded nearly 75 years ago.'
Said Effer CEO Lorenzo Ciprianits: 'Through its size and global scale, Hiab offers the most optimal opportunities for continued growth for Effer and I am delighted that it is becoming part of an organisation with an equally proud past.'
The acquisition is subject to regulatory approvals expected to be received in the second half of 2018. Effer's results will be consolidated into Hiab from the closing date.