A Moffett truck-mounted forklift made by Hiab.

Hiab has sold its paint shop in Hudiksvall, Sweden, to IBE Spectrum AB for an undisclosed sum.

The paint shop has15 employees and they have been offered continued employment with IBE Spectrum AB. IBE Spectrum will continue operations at Hiab's existing Hudiksvall facilities.

"We are very pleased to announce we can contribute to a solution that allows us to maintain jobs and top competence in Hudiksvall," Tomas Blomberg, director of Hiab's multi-assembly unit, says. "We [concluded] an external solution would be the best option to develop this business in the long term. At the same time, IBE Spectrum AB meets our high requirements we place on suppliers and therefore we intend to enter into a supply and cooperation agreement with IBE Spectrum."

Per Iversen, managing director of IBE Spectrum AB, says the acquisition is a significant addition to its existing operations. "IBE Spectrum has grown its business over the past years and the acquisition of Hiab's paint shop is fully in line with the company's ambition to expand its operations. "

Hiab announced in February that it is restructuring operations in Hudiksvall. The unit will shift from manufacturing to developing new products, testing products, and after-sales and spare parts support. The plan will see assembly operations in Hudiksvall gradually phased out until the first quarter of 2015. Cooperation negotiations with the affected 150 employees are ongoing.

Moffett truck-mounted forklifts are assembled in Dundalk, Ireland, so the Hudiksvall plans and will not affect forklift production.

Hiab, a part of Cargotec, employs about 2,800 people and provides on-road load handling equipment globally. Its product range includes Hiab loader cranes, Jonsered recycling and forestry cranes, Loglift forestry cranes, Moffett truck-mounted forklifts, Multilift demountables, and Del, Waltco and Zepro tail lifts.