On May 30, 2016, The Palfinger Group signed the acquisition of 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group.
The seller is the Norwegian private equity fund Herkules. Harding is one of the leading suppliers of lifesaving equipment and lifecycle services for maritime installations and ships. Through this acquisition, PALFINGER will add new products and an international service network to its marine business. The final closing of this acquisition of Harding by PALFINGER is contingent on the approval of the authorities. Both parties have agreed not to disclose the purchase price.
Styrk Bekkenes, CEO of Harding, is very enthusiastic about the acquisition.
“PALFINGER is a perfect match for Harding. Our combined range of products and services will be unique in today’s marine industry. We will stand stronger together and see huge advantages for both the equipment and service side of our business. For our customers, this will be a huge advantage, as we in the future will be able to offer services on more than one type of equipment during the same service assignment,” Bekkenes elaborates.
The acquisition is the largest carried out in the history of the PALFINGER Group. PALFINGER’s marine business will almost double its business volume and, with more than EUR 300 million, contribute substantially more than 20 per cent to the Group’s revenue in the future. The service segment would gain in importance immensely, and help to reduce PALFINGER MARINE business’ dependence on the oil price and therefore the investment propensity of the oil industry.
With Harding, PALFINGER will come a huge step closer to its strategic aim of becoming an integrated supplier of marine deck equipment with global service locations.
ABOUT HARDING
Harding combines the original thinking and first-class products of the Davit Company, Fiskars, Noreq, Schat-Harding, Schat Watercraft, Waterman, Mills and Mulder & Rijke. This family of trusted brands enables Harding to offer fully integrated packages of lifeboats, davits, hooks, winches, cruise tenders, and rescue boats, backed up by the largest service network in the industry. Harding was established in 2013 when Schat-Harding and Noreq AS merged to form the world’s leading manufacturer and supplier of lifesaving equipment.
About PALFINGER AG
For many years PALFINGER has been one of the world’s leading manufacturers of innovative lifting solutions for use on commercial vehicles and in the maritime field. As a multinational group headquartered in Salzburg, the Company, which has approx. 8,995 employees, generated total sales of approx. EUR 1,229.9 million in 2015.
The Group has production and assembly facilities in Europe, in North and South America, as well as in Asia. The pillars of corporate strategy comprise innovation and the further internationalization as well as the growing flexibility of products, services and processes. PALFINGER is regarded not only as the market leader, but also the technology leader, in the global market for hydraulic loader cranes. PALFINGER is always in proximity to its customers due to its over 5,000 sales and services centres located in over 130 countries across all continents.
Source: Harding
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