Hiab has completed the acquisition of Effer S.p.A. from CTE Group. Signing of the transaction was announced on 31 July 2018.

For Hiab, as the global leader in on-road load handling solutions, this acquisition means a significant advancement in its ambition to be the leader in cranes and preferred partner for its customers.

Effer, headquartered in Minerbio, Italy and with approximately 400 employees, is a renowned premium knuckle-boom crane manufacturer. Effer's product range includes truck loader cranes, special application truck cranes, and marine cranes, with particular recognition for heavy cranes. Distribution is managed through a network of more than 100 dealers covering around 60 countries globally.

The addition of Effer will mean a further strengthening of Hiab's development and innovation competence, an enhanced total cranes portfolio, increased coverage from widely complementary sales and distribution networks and will leverage Hiab's service competence. These combined assets translate to continued brand and business growth and further improved experience for both brand's customers.

Effer will continue to operate under its recognised brand and identity, and through its established dealer and distribution partner network. Effer will be part of Hiab's global cranes organisation, with Lorenzo Cipriani continuing as managing director of Effer, reporting to Joakim Andersson, senior vice president cranes, Hiab.

"I am incredibly proud today to welcome Effer and its employees as part of the Hiab family. Bringing our two proud histories, strong brands and unique competence together will make Hiab and Effer stronger and able to even better serve our customers," says Andersson.

Scott Phillips, new president of Hiab, adds "It is in both of our companies' DNA to innovate and now to truly lead this industry. I have no doubt that combining our strengths will soon create tangible value to customers, partners, our people and combined business."

The financial results of Effer will be consolidated in the Hiab business area financials as part of Cargotec from November 2018.