The move comes after Effer and Bizzocchi got into financial difficulties following heavy investments in two of factories in Italy – Taranto and Minerbio – and unexpected losses in Germany, Switzerland, and the UK.
Under the acquisition deal, which is aimed at keeping Effer and Bizzocchi trading, CTE bought an 80% share of the companies for 13 million Euros – 5 million Euros for the plant, people, warehouse, and to pay suppliers, and 8 million Euros to complete the unfinished Minerbio factory. Private investors have acquired the remaining 20 per cent of the companies.
The Effer and Bizzocchi trade marks will be retained, and the newly enlarged organisation will manufacture four product lines – marine and truck cranes, self-propelled platforms, materials handling elevators, and truck-mounted aerial work platforms.
Effer and Bizzocchi currently employ 350 people, but there are plans to cut the workforce to 287.
CTE – which supplies truck-mounted access platforms, and is the dealer for Genie Industries in Italy – is in discussions with Effer and Bizzocchi suppliers in a bid to retain as many as possible.
