Palfinger plans largest acquisition in company history
The Austrian crane and lifting technology specialist Palfinger AG is facing the largest takeover in its company history. The company from Bergheim near Salzburg intends to acquire 100 percent of the shares in Herkules Harding Holding AS and thereby take over the globally operating Harding Group. The seller is the Norwegian private equity fund Herkules.
Strategic expansion of marine business
The Harding Group, headquartered in Seimsfoss, Norway, is among the leading providers of maritime rescue equipment and lifecycle services for maritime installations and ships. With the acquisition, Palfinger significantly expands its product portfolio in the marine sector with new products and an international service network.
The Norwegian company maintains branches in 16 countries worldwide with its comprehensive service network and employs around 800 employees. In 2015, Harding achieved a turnover of approximately 140 million euros.
Doubling of marine business planned
Through the takeover, Palfinger's marine division would nearly double. With a total volume of more than 300 million euros, the division would in future contribute over 20 percent to group turnover. The service business in particular would thereby gain considerable importance.
The acquisition brings Palfinger significantly closer to its strategic goal of positioning itself as an integrated provider of marine deck equipment with global service locations. The Austrian group, which in 2015 generated total sales of around 1.23 billion euros with almost 9,000 employees, is already market and technology leader in hydraulic loading cranes.
Approval process underway
Palfinger's supervisory board and executive board have already approved the project. Subject to a positive due diligence review and successful negotiations, the contract signing is to take place in the coming weeks. However, final approval of the takeover is still subject to regulatory approval.
With its over 5,000 sales and service centers in more than 130 countries, Palfinger already has a strong international presence. The integration of Harding's expertise in the field of maritime rescue equipment would position the company in a growing specialty market and advance the digitalization of service offerings.
