Palfinger has acquired the 35 percent minority stake in Guima Palfinger that it does not already own, from Compagnie Générale Vincent, converting the business into a wholly owned subsidiary.
Palfinger acquired its 65 percent controlling stake in Guima in 1999, when the company was the second largest hook loader manufacturers in the world.
The company is based in Caussade, France, and is now the central production plant for Hooklifts and Skiploaders within the Palfinger group, with most of the plant’s production sold in the Europe, Africa and the Middle East as well as North America.
Palfinger says that the transaction will allow it to “bring together cross product R&D initiatives and further integrate the Hooklift development site at Caussade into the company’s global R&D network.”
Chief executive Andreas Klauser said: “This allows us to implement our localisation strategy of producing in the region for the region. It will accelerate decision making processes and make them more flexible while swiftly capitalising on cost synergies. We are happy to announce that, as majority owners of Palfinger France, the Vincent family remains one of Palfinger’s most important strategic partners and contributes to the overall result.“
“The acquisition of this minority interest allows us to react quickly and efficiently to competitor and market developments.”