PAT, one of the biggest names in crane safety technology, is under new ownership following the sale of its parent company.
Hirschmann Electronics, which includes PAT, has been sold by German conglomerate Rheinmetall to sold to European private equity investor, HgCapital for .Euro 115 million. The involvement of Hirschmann’s management makes the transaction effectively a management buyout, Rheinmetall said.
This sale is the final step in the divestment of Rheinmetall’s electronics group, allowing it to focus on its core businesses of automotive and defence.
Hirschmann has 1,750 employees and in 2003 generated sales of more than Euro 280 million. PAT is the Electronic Control Systems unit within the Hirschmann Group. Other divisions are Car Communication Systems, Multimedia Electronics and Automation & Network Solutions.
PAT is a leading supplier of load indicators and load moment limiters in crane and construction machinery applications. It develops and produces both the hardware and the software for microprocessor-based control and safety systems. PAT generated sales of Euro 46 million last year.
