Alexander Doujak resigned as chairman of the company’s supervisory board and retired from the board. Hubert Palfinger has been appointed the new chairman and Hannes Palfinger deputy chairman.
The listed Austrian manufacturer has acquired two companies from the shipping and offshore industries Palfinger Systems and the Megarme Group.
Palfinger said that the two firms added to its portfolio from the marine sector and that the companies would provide access and working systems for this industry. Palfinger added that the purchase of Megarme would acquire its first value creation structures in the Arab region.
Both Palfinger Systems and the Megarme Group offer special systems for accessing and performing repair and maintenance work on ships and oil rigs. This includes interior and exterior cleaning, rust and paint removal, recoating, inspection and repairs.
Palfinger Systems develops technologies in engineering and processing as well as tailor-made customer and project solutions. Headquartered in Salzburg, Austria, the firm operates a manufacturing and assembly plant in Weng im Gesäuse that is owned by the Palfinger family. The Palfinger Group has acquired 85% of the company which generated revenue of approximately €1m in 2012, for a symbolic purchase price of €1. The company’s disproportional dividend arrangement will remain in force until 2025. In combination with the products of Palfinger Systems, Palfinger will provide special access products.
The Megarme Group, composed of three companies in Dubai, Abu Dhabi and Qatar. The company specialises in the service business and provides rope access technologies applied by rope access professionals. The company currently generates annual revenue of €15m. Upon completion of the deal Palfinger will take over full operational and entrepreneurial control of Megarme. Palfinger said that until now there had been no value-creation structures in the Arab countries, which the strong presence of the shipping industry in this region, it is a particularly important one for the marine business.
