Hiab and Effer products will be offered

Hiab has entered into an agreement to acquire the Effer loader cranes business from the CTE Group for an enterprise value of EUR50 million (USD58.4 million). This acquisition means a significant advancement for Hiab's ambition to be the global leader in cranes and the preferred partner for its customers.

Since 2016, Hiab has renewed and expanded its HIAB loader cranes portfolio, renewing its light range cranes in May 2018.

With the acquisition of Effer, Hiab will complement its loader cranes portfolio and expand its range of heavy cranes, in particular in the 100+ T segment, in which Effer is recognised as a global leader.

Effer will continue to operate as part of Hiab under its brand and through its dealer network.

"I am happy to welcome Effer to the Hiab family," says Roland Sundén, president of Hiab. "This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and, in particular, in loader cranes, the industry that Hiab founded nearly 75 years ago."

Effer, founded in 1965, has over 50 years' experience in developing and manufacturing knuckle-boom cranes, with its product range encompassing truck cranes with a 3 to 300 Tm lifting capacity, special application truck cranes and marine cranes.

Effer S.p.A. is headquartered in Minerbio, Italy and has approximately 400 employees. Distribution is managed through a network of more than 100 dealers, covering 60 countries globally.

"Through its size and global scale, Hiab offers the most optimal opportunities for continued growth for Effer and I am delighted that Effer is becoming part of an organisation with an equally proud past, passion for quality and reliability, and drive for innovation," says Lorenzo Cipriani, CEO of Effer.

"With a comprehensive crane portfolio and a strong global sales and service presence in complementary geographies, Hiab and Effer will jointly become a stronger partner for our customers, helping them reach their full potential," adds Joakim Andersson, senior vice president - cranes at Hiab.

The acquisition is subject to regulatory approvals, expected to be received in the second half of 2018.