Palfinger, the Austrian loader crane manufacturer, has taken an option to acquire a 91% share of Brazilian crane manufacturer Madal S.A.
Madal has revenues of Euro 12m and is the South American market leader in hydraulic truck cranes and other hydraulic lifting equipment, Palfinger said. The acquisition marks the next stage in Palfinger’s internationalisation strategy. Madal-Palfinger will have access not just to the Brazilian market but to the whole of South America. Madal has a network of about 35 dealerships in 10 South American countries.
Palfinger has also reported a slight decline in sales of its truck loader cranes in the first quarter of 2001. Growth in other product areas, including the French-made hook loaders, enabled the company to increase its consolidated revenue by 18.2% to Euro 86.8m. Earnings before interest and tax were up by 12.5% to Euro 11.8m. Pre-tax profit rose 14.8%, from Euro 9.3m to Euro 10.7m and the consolidated net profit for the period was up by 15.2% from Euro 6.1m to Euro 7.0m.
“The Truck Cranes division was hardest hit by the deterioration in the business climate,” the company said.
Palfinger AG plans to increase its capital in order to finance its strategy of expanding its product range and markets, and the development of its e-logistics business. Preparations for this transaction, which is being lead managed by Deutsche Bank and co-managed by Austria’s Raiffeisen Zentralbank, are close to completion.
