28.04.2014

Hiab sells Swedish paint plant

Hiab is to sell its paint shop operation in Hudiksvall, Sweden to IBE Spectrum. The transaction is expected to complete on the 5th May.

The paint shop employs 15 people, all of whom have been offered continued employment with IBE Spectrum, which will continue operations at the facilities in Hudiksvall. No financial details of the transaction have been released.

This move is part of Hiab’s restructuring plans for its operations in Hudiksvall, which plans to shift from manufacturing to developing and testing new products, as well as running after sales and spare parts support. Assembly operations at the facility will cease gradually by the first quarter of 2015 - see:
Hiab to restructure Swedish operations.

Tomas Blomberg director of the Hudiksvall plant said: "We are very pleased to announce that we can contribute to a solution that allows us to maintain both jobs and top competence here in Hudiksvall. We came to the conclusion that an external solution would be the best option to develop this business in the long term. At the same time IBE Spectrum meets our high requirements we place on our suppliers and therefore we intend to enter into a supply and cooperation agreement with IBE Spectrum."

Per Iversen, managing director of IBE Spectrum added: "IBE Spectrum has grown its business over the past years and the acquisition of Hiab's paint shop is fully in line with the company's ambition to expand its operations. This acquisition is a significant addition to our existing operations and we are eager to start up."