Hiab is to acquire Brazilian manufacturer ING Cranes, with the aim to increases its presence in the country.
ING Cranes was established in 2010 and last year had revenues in the region of €50 million and employs around 250. No details of the transaction have been released with the transaction expected to close earlier in the new year.
ING Cranes is located in Caxias do Sul, north of Porto Alegre in southern Brazil, it produces a full line of articulated loader crane, with capacities up to 65.6 tonne/metres and a tip height of 33.2 metres.
Hiab chief executive Scott Phillips said: "The acquisition of ING Cranes is a logical step in Hiab's growth strategy and aligns well with our ambition to expand not only organically but also inorganically. Over its 15 year history, ING Cranes has demonstrated a strong track record of profitable growth. Therefore, we expect that, this will help us increase our overall market presence as well as our ability to deliver significant value for our customers."
Hiab’s vice president of sales & product management Marcel Boxem added: “This acquisition brings together Hiab’s global reach and broad loader crane offering with ING Cranes’ strong local expertise and portfolio. Positioning Hiab as the leading loader crane provider in Brazil.”
“The acquisition will provide Hiab with a full range of loader cranes for the Brazilian agriculture, rental, construction and transportation industries.”
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