Gough chief executive Karl Smith.

New Zealand-based materials handling specialist and NZ Palfinger dealer, the Gough Group, has acquired the Palfinger dealership in Australia and Papua New Guinea.

The buy-out propels Gough into the top 10 dealers globally for the Austrian industrial equipment manufacturer.

"The acquisition of Palfinger Australia is a natural and strategic move by the Gough Group to expand one of our key global dealerships to now encompass Australia, New Zealand, Papua New Guinea and the Pacific Islands," says Gough chief executive Karl Smith.

Palfinger specialises in the manufacture of truck-mounted knuckle boom cranes, with over 150 models and a world marketshare of more than 30%. It also manufactures tail-lifts, marine cranes, hook loaders, truck-mounted forklifts and container handling systems.

Palfinger has service agents in all states of Australia and will be a separate division of Gough Transport Solutions, the group's existing Australian business.

Smith says the Gough Group will continue to look at further opportunities that fit with its growth plans in its core dealership and agency businesses. The acquisition is effective from 1 November 2010.