14.10.2011

Palfinger prepares for major growth

Austrian based crane and access manufacturer Palfinger has called an Extraordinary General Meeting to gain shareholder approval for increased flexibility to fund major acquisitions and growth opportunities.

The company, which is listed on the Vienna Stock Exchange but is still family controlled with the Palfinger family owning around 65 percent of the equity, will hold the meeting on November 3rd when a number of resolutions will be tabled, that if approved will allow the management to buy back shares worth up to 10 percent of the share capital and approve the issue of up to 10 million new shares of €1 each.

Chief executive Herbert Ortner said: “We have been able and will continue to be able to fund organic growth and small-scale acquisitions from our cash flows. The resolutions to be taken by the general meeting are designed to give us more flexibility on the funding side so that we will be well equipped for large-scale growth projects.
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Herbert Ortner