12.02.2004

Amco Veba takes over Ferrari cranes

Italian knuckle boom crane producer Amco Veba has confirmed the acquisition of F.lli Ferrari cranes from the Ferrari family for an undisclosed sum. The deal effectively doubles the size of Amco Veba's crane division.

Rumours have been circulating for over a month now about Ferrari cranes of Boretto, Italy, and a possible take-over by competitor Amco Veba of Poviglio, Italy. More recently the talk has moved on to difficulties experienced by Ferrari following significant losses and the prolongation of the negotiations.

Dr Perego, president Amco Veba and its largest shareholder confirmed in an interview with Vertikal.Net that the acquisition of the assets of Ferrari was now complete and effective immediately.

For Perego, this purchase is something of a “coming home”. He was previously a senior manager at Ferrari running the business up until 1993, when he departed over differences of opinion with the Ferrari family over how to run the company. After a spell outside of the truck crane industry, he bought into Amco Veba, then a very minor player in the industry. Since then, Amco Veba has grown to a point where its crane division rivaled Perego's old company in terms of crane revenues.

Dr Perego confirmed that the Ferrari plant will remain open and that both companies will maintain their separate identities and distribution. He said that there would of course be savings to be gained from internal synergies and efficiencies such as in the area of purchasing etc, but that externally they would remain quite separate.

"The two companies, which both hold small global market shares rarely competed head-to-head," he said. "They cover different market sectors and with both of them exporting around 80 per cent of their production, they have different geographical strengths.

“Ferrari is an excellent product and a very strong and prestigious name. They are mostly well-known for their smaller cranes, while Amco Veba has concentrated on mid to large models,” concluded Perego.

The two companies had crane revenues of around €20 million (UK£13.56 million)) each, although Amco Veba also has other divisions. Ferrari employed up to 100 staff at its Beretto facility.