Palfinger AG / Expansion in Sweden

01.12.2020, 4174 Zeichen
Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.
Mergers - Acquisitions - Takeovers
Zwtl.: Bergheim - Yesterday, PALFINGER has signed a contract to acquire Hinz Försäljnings AB. The acquisition of PALFINGER's second largest global independent distribution partner headquartered in Sweden strengthens its presence as an Austrian technology and mechanical engineering company in Sweden's core market.
With its 5 service points, 45 service partners, 71 employees and sales (2019) of about EUR 44.0 Mio., Hinz Försäljnings AB is PALFINGER's most important Swedish sales partner. In the Northern European core market, the company sells a major part of PALFINGER's product range, including naval cranes and services. In 46 years of collaboration, Hinz AB, founded in 1973 by Bertil Hinz, has sold more than 11,000 PALFINGER and EPSILON cranes in Sweden.
100-Percent Acquisition This acquisition begins a new kind of collaboration. Based on the successful, long-standing and trusting relationship they have had, the owners of PALFINGER decided to make an offer to purchase the company. The transaction is for 100 percent ownership of the company Hinz Försäljnings AB, which belongs entirely to Hinz Holding AB. Magnus Hinz and Magnus Rosberg will remain and continue in their roles as Sales Manager and Managing Director. Non-disclosure of the purchase price has been agreed to. The contract of sale shall go into effect in the coming weeks once conditions and terms currently being determined are fulfilled.
A Secured Future This purchase ensures the continued existence of Hinz Försäljnings AB, the second-largest independent dealer in the worldwide PALFINGER distribution network, in its entirety and with all employees at all locations. "The new ownership structure guarantees that Hinz Försäljnings AB, as the most important player in the Swedish market, remains the same and has a future," says Magnus Hinz.
Excellent Sales Structure With this acquisition, PALFINGER secures an excellent sales and service structure, proximity to local customers and the essential contacts with Swedish truck manufacturers and original equipment manufacturers (OEMs). This is one important part of further strengthening the PALFINGER distribution network. "Acquiring our long-standing partner is a vital step towards providing our Scandinavian customers with even more intensive and comprehensive support - keeping in line with our brand promise: Creating value and growing together," explains PALFINGER CEO Andreas Klauser. The contract for the takeover was signed on the 30th November 2020 in Borlänge.
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ABOUT PALFINGER AG The international mechanical engineering firm of PALFINGER is the global leader for innovative crane and lifting solutions. With a workforce of approximately 11,000, 35 manufacturing sites and a worldwide network of dealerships and maintenance centers at over 5,000 locations, PALFINGER is always close to the customer.
As the leader in its engineering field, the company aims to ensure its partners' business success in the long term by providing solutions and products that remain economically and ecologically viable in the future. Its broad product and model portfolio allows PALFINGER to take digitalization and the deployment of artificial intelligence to new levels.
As a global company with strong roots in its home region, PALFINGER is convinced that thinking and acting in the interests of sustainability plays a vital role in successful business operations. This is why the company assumes social, ecological and economic responsibility along the entire value chain.
PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2019 achieved record revenue of EUR 1.75 billion.
end of announcement euro adhoc
issuer: Palfinger AG Lamprechtshausener Bundesstraße 8 A-5020 Salzburg phone: 0662/2281-81101 FAX: 0662/2281-81070 mail: ir@palfinger.com WWW: www.palfinger.ag ISIN: AT0000758305 indexes: stockmarkets: Wien language: English
Digital press kit: http://www.ots.at/pressemappe/1659/aom

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