Thomas Friedrich, Managing Director of Kinshofer Group commented: “This is a good move for the Kinshofer Group. There are definite synergies between Kinshofer and the other companies in Lifco’s Sorb division, not only the sales side of the business but also other areas like procurement and R&D will benefit from the acquisition.”

The Kinshofer group will continue to focus on the design, manufacture and sales of technologically advanced crane and excavator attachments, Lifco said. Lifco said it intends to run the business with the current management and employees.

Lifco’s EUR 200m turnover Sorb Industries subsidiary makes awmill equipment, service interiors for commercial vehicles, demolition machines and environmental technology. Its other subsidiary is Lifco Dental Group. Lifco is a wholly-owned subsidiary of Carl Bennet AB, privately owned by the Swedish industrialist Carl Bennet. It employs 1,500 people with subsidiaries in 15 countries.

Fredrik Karlsson, President of Lifco AB said: “The addition of Kinshofer to the Lifco Group will enable us to both broaden the scope of our product range and develop the intra-company network to achieve a more efficient and comprehensive approach to the markets.”

The company said that the addition of Kinshofer to the Lifco Group is a strategic move that will secure the long-term futures of both groups.