Palfinger makes Russian in-roads with INMAN13 July 2011
Palfinger Group has expanded its footprint in Russia by acquiring Ischimbajskie Neftianiye Manipulatory (INMAN), a manufacturer of hydraulic lifting and loading systems based in the Volga region.
INMAN, a nine-year-old firm headquartered in the Republic of Bashkortostan, a federated subject state of Russia, primarily produces and distributes knuckleboom cranes, and has become the latest of 50 additions to the Palfinger Group’s sales network in the Commonwealth of Independent States (CIS).
Although the deal is yet to be approved by the supervisory boards of each company and the Russian Federation’s Federal Antimonopoly Board, the contract was signed earlier this month.
INMAN has an established customer base within state-owned enterprises along with the oil and gas sector, and is expected to generate €20m in revenues this year.
Palfinger CEO Herbert Ortner said: “We were looking for a well-established and reliable partner based in the CIS area in order to establish local value creation. INMAN is a manufacturer of premium, reliable products and has a very strong and long-standing brand name.
“Its product portfolio is the perfect addition to the Palfinger products. The company’s good market position allows us in particular to open up the Ural region.”
Palfinger cites the company’s acquisition as “a major step” in its long-term growth strategy in the region.
From its two production facilities, INMAN will offer a range of services from parts provision and technical maintenance to full certification for the Russian market.
Once the merger is completed, INMAN will remain as a separate brand within the Palfinger Group.