28.10.2010

Palfinger acquires Palfinger

The Palfinger Group, manufacturer of cranes and access equipment is acquiring the marine crane division of Palfinger Systems.

Palfinger systems is privately held and controlled by the Palfinger family, (while the Palfinger Group is a publicly quoted business), the company is well positioned in the marine crane market and is the market leader in cranes for offshore wind power plants. In 2009 the business generated revenues of almost €30 million.

The Palfinger group acquired NDM, a Dutch manufacturer of davits and deck equipment, in July and announced at the time its intention to expand its marine crane business.

Palfinger chief executive Herbert Ortner said: “With the acquisition of NDM we have taken an excellent opportunity of opening up a new customer segment for cranes. At the time we took this step, we were already planning to strengthen this business quickly through another acquisition. By taking over the marine crane division of Palfinger systems we have become one of the leading suppliers in the sector”.
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A Palfinger Systems maring crane

“This division has been recording good margins that are already now well above the level of 2009. Having marine cranes once again in our product range is therefore a pleasure in every respect”.

The acquired business adds manufacturing sites in Slovenia and Croatia and according to the company offers numerous synergies with the existing Palfinger Group’s operations and is expected to represent eight percent of the Group’s revenues.

The purchase price will be dictated by the value of the assets taken over. In
addition, Palfinger systems will be entitled to a profit-based payment in 2016, based on the results generated by the division between now and then. “We have thus established clear financial criteria for the present transaction between the Palfinger family and Palfinger Group which was of great concern to both parties”, elaborated Ortner.