Palfinger shareholders are to be asked to approve the buy-back of up to 10% of the company’s stock over the next 18 months to fund acquisitions by its own shares.
A vote will be taken at an emergency general meeting in Salzburg, Austria on 29 October 2001.
Instead of financing acquisitions from cashflow as before, the company plans to do so by means of share exchanges, yet still maintain a strong equity base. Since Palfinger’s initial public offering in 1999, takeovers have included the Guima Group – the world’s number two manufacturer of hook loaders – as well as Tiffin Loader Crane Inc of Ohio, USA – the leading manufacturer of special truck bodies in the USA. In June this year, Palfinger also acquired South America’s largest crane manufacturer, Madal. Palfinger said that it intends to widen its portfolio further, both geographically and in terms of its product range.
