PALFINGER's Ølve site becomes independent following a management buy-out and in future will focus on special products for niches and Norwegian aquafarming. PALFINGER continues to utilize Ølve's infrastructure, know-how and capacities.
On March 12, PALFINGER transferred the operating business of its Norwegian production site Ølve to a new company. With the management buy-out (MBO), PALFINGER is giving the existing 47 jobs and the continuation of the site a promising perspective. Following a shortfall in orders for rescue equipment for the global cruise industry until 2023 due to the COVID19 pandemic, PALFINGER was faced with fundamental decisions regarding the future of its Ølve site. Of all the feasible scenarios, the MBO proved to be the most attractive for all sides. "I am pleased that in what has been a difficult situation for the employees in Ølve, we have found a promising perspective by securing the future of the site," says PALFINGER CEO Andreas Klauser.
Future in Aquafarming
Ølve uses glass fibre-reinforced plastic (GRP) for the production of lifeboats. Thanks to its high application flexibility, this material can also be used very well in other areas, such as aquafarming. The future of the site lies in specializing in niche markets like this. With new owners who have excellent regional connections in the Norwegian fish farming industry, Ølve has good prospects of operating cost-effectively and successfully.
PALFINGER will lease the Ølve infrastructure to the new company and will make use of know-how and capacities on site for service, storage and - when needed - for the production of PALFINGER products. "This shows that PALFINGER is making a significant contribution to the new company's revenue over the initial period and supporting its strategic realignment. At the same time, we are securing a good and reliable partner with whom we can jointly shape the future," Klauser goes on to say.
Part of the Network
At the neighboring PALFINGER site in Seimsfoss, development, sales and service will be expanded to offer future-driven and customer-oriented solutions especially for the Norwegian boat and davit market. PALFINGER's Bergen site will continue to focus on its core products and competence concerning offshore cranes and marine handling solutions.
PALFINGER is an international technology and mechanical engineering company and the world's leading provider of innovative crane and lifting solutions. With about 11,000 employees, 34 locations and a worldwide sales and service network of around 5,000 service points, PALFINGER guarantees customers immediate and optimal proximity.
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 allow 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 interest of sustainability plays a vital role in successful business operations. That 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 achieved a revenue of EUR 1.53 billion in 2020.