PALFINGER Acquires Equity Interest in the Field of Building Maintenance

• 20% shareholding in Sky Steel Systems LLC, Dubai
• Producer of high-tech façade access equipment for maintenance and service work carried out on all types of buildings
• Core markets are Emirates in the Gulf region and Saudi Arabia

The PALFINGER Group closed yesterday the acquisition of a 20% stake in Sky Steel Systems LLC, Dubai. PALFINGER also secured an option to purchase an additional 29% shareholding in the company. The revised trade license shall soon be issued by the Dubai Department of Economic Development. The interest acquired in Sky Steel Systems and the cooperation between the companies is being managed by PALFINGER Railway. This can be attributed to the fact that this business unit and its special lifting platforms are already active in the field of infrastructure and building servicing and repairs, and can point to numerous synergies to be generated in the field of building maintenance.

Sky Steel Systems is a producer of façade access equipment primarily deployed in servicing and cleaning façades of high-rise buildings. Demand for sophisticated and reliable high-tech solutions increases the more sophisticated the architectural forms of the building are and the more stringent their safety standards are. PALFINGER will contribute its production and development know-how to the strategic partnership, and support the expansion and further development of the existing product portfolio. In turn, Sky Steel Systems is familiar with regional customer requirements and product requirements. Sky Steel Systems was established in the year 2002, and employs a workforce of 80 people. Both companies already cooperated in replacing four service cranes for the 600 meter high Makkah Royal Clock Tower in Mecca, Saudi Arabia.