Palfinger restructures in Norway
Palfinger has sold its Norwegian lifeboat manufacturing operation in Ølve via a Management Buy Out (MBO). The company’s new owners plan to focus on specialist products for niche industries such as fish farming. It will however continue to support Palfinger products and when required produce Palfinger products.
The facility, to the south of Bergen in Western Norway, was part of Palfinger’s marine division producing lifeboat hulls and rescue equipment for the global cruise industry, for which orders have all but dried up. The move is intended to secure the jobs of the 47 employees. When the Covid-19 pandemic hit the site employed 80, but 38 people were laid off in October due to the lack of new orders.
Palfinger chief executive Andreas Klauser said: "I am pleased that in what has been a difficult situation for the employees in Ølve, we have found a promising perspective by securing the future of the site. Palfinger is also making a significant contribution to the new company's revenue over the initial period and supporting its strategic realignment. At the same time, we are securing a good and reliable partner with whom we can jointly shape the future."
Palfinger Marine also has facilities in Bergen, which produces core products relating to offshore cranes and marine handling solutions, and a development, sales and service operation in Seimsfoss focused on the Norwegian boat and davit market.
Palfinger acquired three marine operations in 2016 which also included Harding
and then TTS