Hiab to acquire Effer31 July 2018 by Sotiris Kanaris
Loader crane manufacturer Hiab, part of Cargotec, has entered into an agreement to acquire Italian crane manufacturer Effer from the CTE Group for an enterprise value of €50m.
Effer, founded in 1965, has over 50 years’ experience in developing and manufacturing knuckleboom cranes, with its product range encompassing truck cranes with a 3 to 300tm lifting capacity, special application truck cranes, and marine cranes. It is headquartered in Minerbio, Italy and has approximately 400 employees.
Hiab said this acquisition means a significant advancement for its ambition to be the global leader in cranes and the preferred partner for its customers.
Since 2016, Hiab has fundamentally renewed and expanded its Hiab loader cranes portfolio– just recently 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 over-100tm segment, in which Effer has a strong market share.
Effer will continue to operate as part of Hiab under its brand and through its dealer network.
Roland Sundén, president of Hiab, said: "I am happy to welcome Effer to the Hiab family. 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.”
“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 organisation with an equally proud past, passion for quality and reliability, and drive for innovation”, says Lorenzo Cipriani, CEO of Effer.
“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”, concludes Joakim Andersson, senior vice president cranes, at Hiab.
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.