HYDRALIFT, the Norwegian manufacturer of offshore and deck cranes, has agreed the purchase of US rival AmClyde Engineered Products for $33.7m.
The deal is subject to approval by the US bankruptcy court since AmClyde’s parent company Friede Goldman Halter Inc. has been in Chapter 11 bankruptcy protection since April 2001. AmClyde usually has a turnover of about $100m, though with its parent in difficulty its 2001 turnover was $67m.
Shares in Hydralift are publicly traded and the announcement of the AmClyde deal was preceded by an $11.2m share issue to help fund the purchase.
If the AmClyde purchase goes ahead, it will be just the latest in a series of acquisitions by Hydralift. Last year, soon after Friede Goldman Halte filed for bankruptcy protection, Hydralift bought its French operation Brissonneau & Lotz Marine (BLM) for $33.5m. BLM produces a range of king post cranes although its main product is elevating systems for jack-up rigs.
Also last year Hydralift acquired crane manufacturer Stålprodukter. This division, now called Hydralift Molde Crane, has recently taken orders to supply cranes to a ship for floating production at the Bonga field off the coast of Nigeria, and seven cranes for the Kizomba field in West Africa. It is also upgrading cranes at the Ekofisk field in the North Sea for Phillips Petroleum.
With Stålprodukter and AmClyde, Hydralift expects to increase crane sales from 220-250 units a year to 300-350. It says it is now ‘fully booked’ and unable to offer any deliveries before January 2003.
