Full consolidation into PALFINGER as of the 2nd quarter of 2016
Strong market position in lifeboats and maritime services
With Harding, PALFINGER is the new global market leader for maritime lifesaving equipment
Lower dependence on the oil price due to well-established service business
Today, the PALFINGER Group closed the acquisition of 100 per cent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group. Harding is one of the leading suppliers of lifesaving equipment and lifecycle services for maritime installations and ships. As a consequence, PALFINGER expands its marine business by adding new products and a global service network. The PALFINGER Group’s new member will be reported on as a fully consolidated company starting from the second quarter of 2016.
Harding is headquartered in Seimsfoss, Norway, and operates a comprehensive service network across 16 countries worldwide. With a staff of approximately 800, Harding generates roughly half of its revenue, most recently recorded at EUR 140 million, from lifecycle services. Product-wise, the Group is a leading supplier of lifeboats. Together with Harding, PALFINGER MARINE will be able to offer its customers one-stop-shop solutions with premium-quality packages of products and services.
The acquisition is the largest in the history of the PALFINGER Group. As a result of the takeover, PALFINGER’s marine business will almost double its business volume and generate revenue of over EUR 300 million, which is substantially more than 20 per cent of the Group’s total revenue. The service segment will gain in importance immensely, reducing PALFINGER MARINE’s dependence on the oil price and consequently also on the investment propensity of the customer industries. With Harding, PALFINGER will be a big step closer to achieving its strategic goal of becoming an integrated supplier of marine deck equipment with global service locations.
ABOUT PALFINGER AG
The international mechanical engineering firm of PALFINGER is the global leader for innovative crane and lifting solutions. With a workforce of over 11,600, 34 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 2020 achieved a revenue of EUR 1.53 billion.
For further information please contact:
Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 | firstname.lastname@example.org