Palfinger Dreggen buys MCT assets
28 August 2013Palfinger Dreggen has completed an asset deal for the production of marine and offshore cranes of the Korean crane manufacturer MCT Engineering. The deal follows Palfinger Marine’s takeover of the Norwegian offshore crane manufacturer Dreggen. The company said that it was designed to help expand and intensify the partnership between Dreggen and MCT.
MCT Engineering is has its production plant in Sacheon, South Korea, and has been active as a partner and subcontractor for Dreggen for over ten years. The company covers purchasing, production and assembly right up to consignment and delivery for marine and offshore cranes, handling cranes and special custom cranes on the Asian market. MCT's marine and offshore assets will be fully integrated into the Austrian manufacturer;s offshore cranes business unit and be known as Palfinger Dreggen Korea.
Herbert Ortner, chief executive of Palfinger, said: "With the acquisition of Dreggen in the fourth quarter of 2012, we took a significant growth step for our Business Area Marine. Together, we managed to obtain the largest order in the history of Palfinger in early 2013. It comprises, to be precise, two orders with a total value of approximately €90m, which we are going to fill in the years to come. The agreed takeover of this part of MCT Engineering's business will provide a valuable foundation for the continued growth of our Marine business area,"
The firm said that it hoped that the purchase would open the door to the booming offshore market in Asia.
