01.04.2008

Hiab buys in South Africa

Hiab, the loader crane manufacturing company has reached an agreement to acquire the majority of the operations of South African Bowman Cranes (Pty) Ltd, Hiab's long term agent in the region.

The deal is subject to the approval of Competition Commission and other relevant authorities of South Africa.

Hiab will together with Bowman’s largest shareholder, Phakisa Fleet Solution, form a joint venture under the name of Hiab (Pty) Ltd.

Bowman Cranes based in Roodekop, Germiston, claims to be the market leader in truck related load handling in Southern Africa.

The company supplies, installs and services all forms of handling equipment for commercial vehicles and has a network of contracted dealers in Zimbabwe, Mozambique, Botswana, Swaziland, Namibia and Zambia,

The company’s revenues in 2007 were around €18 million and it employs 70.