PALFINGER signs acquisition of Harding

• Acquisition of Norwegian Harding Group signed today
• Closing after approval of the authorities expected in the next weeks
• Strong position in lifeboats and services in the maritime field
• Together, new market leader in the global market for lifesaving equipment
• Due to Harding’s well-established service business, lower dependence on oil price

Bergheim, 30 May 2016

The PALFINGER Group has signed today the acquisition of 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group. The seller is the Norwegian private equity fund Herkules. Harding is one of the leading suppliers of lifesaving equipment and lifecycle services for maritime installations and ships. Through this acquisition, PALFINGER will add new products and an international service network to its marine business. The final closing of this acquisition of Harding by PALFINGER is contingent on the approval of the authorities. Both parties agreed not to disclose the purchase price.

Harding is headquartered in Seimsfoss, Norway, and, with its comprehensive service network, maintains operations in 16 countries around the world. Harding achieves with a staff of approx. 800 employees around half of its revenues of EUR 140 million through lifecycle services. Harding is a leading supplier of Lifeboats. Together with Harding, PALFINGER MARINE will be in a position to become a one-stop shop, offering its customers high-end packages for products and services.

This is the largest acquisition carried out in the history of the PALFINGER Group. PALFINGER’s marine business will almost double its business volume and, with more than EUR 300 million, contribute substantially more than 20 per cent to the Group’s revenue in the future. The service segment would gain in importance immensely, and help to reduce PALFINGER MARINE business’ dependence on the oil price and therefore the investment propensity of the oil industry. With Harding, PALFINGER will come a huge step closer to its strategic aim of becoming an integrated supplier of marine deck equipment with global service locations.