Hiab, part of Cargotec, entered into an agreement to acquire the Effer loader cranes business from the CTE Group for an enterprise value of more than $58 million.
This acquisition advances Hiab's ambition to be the global leader in cranes and the preferred partner for its customers.
Since 2016, Hiab has fundamentally renewed and expanded its loader cranes portfolio—just announcing its renewed light-range cranes in May 2018. With the acquisition of Effer, Hiab will complement its loader cranes portfolio and expand its range of heavy cranes, in particular in the segment greater than 100 ton meters. Other Hiab crane brands include Loglift and Jonsered forestry and recycling cranes, as well as Argos loader cranes in Brazil, following its acquisition in October 2017.
Effer will continue to operate as part of Hiab under its brand and through its dealer network.
"I am happy to welcome Effer to the Hiab family,” said Roland Sundén, president of Hiab. “This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and in particular in loader cranes, the industry that Hiab founded nearly 75 years ago.”
Effer, founded in 1965, has over 50 years' experience in developing and manufacturing knuckle-boom cranes, with its product range encompassing truck cranes with a 2- to 300-ton meters lifting capacity, special application truck cranes, and marine cranes. Effer S.p.A. is headquartered in Minerbio, Italy, and has approx. 400 employees. Distribution is managed through a network of more than 100 dealers covering 60 countries globally. Effer's sales in 2017 totaled $83 million and generated an operating profit of about $7.1 million.
"Through its size and global scale, Hiab offers the most optimal opportunities for continued growth for Effer, and I am delighted that Effer is becoming part of an organization with an equally proud past, passion for quality and reliability, and drive for innovation,” said Lorenzo Cipriani, CEO of Effer.
Joakim Andersson, senior vice president of cranes at Hiab, said the move will strengthen the two brands.
"With a comprehensive crane portfolio and a strong global sales and service presence in complementary geographies, Hiab and Effer will jointly become a stronger partner for our customers, helping them reach their full potential,” Andersson said.
The acquisition is subject to regulatory approvals expected to be received in the second half of 2018. Effer's results will be consolidated into Hiab from the closing date.
For more information on the companies and their products, visit www.hiab.com and www.effer.com.
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