The deal gives Palfinger an aerial lift product line in the North American market.

Palfinger AG of Bergheim, Austria has acquired 80% ownership of integrated aerial lift manufacturer and distributor Equipment Technology LLC (ETI) of Oklahoma City.

Previously, Palfinger did not have an aerial lift product line in the North American market.

As a result of the deal disclosed on 29 March, Palfinger projects its consolidated annual revenues will grow about 6%, with the North American contribution to revenues increasing to about 18% from 12%.

ETI employs 190 staff and had 2009 sales of about USD45 million. James V Neuberger is ETI president.

Palfinger employs 4,500 and reported 2009 sales of EUR505.4 million (USD724.3 million), down 36.4% from the previous year's EUR794.8 million (USD1.12 billion). Palfinger makes and assembles hydraulic lifting, loading and handling systems on four continents and reaches customers through more than 4,000 sales and service centres in 130 countries.

"We have known ETI for a long time," says Herbert Ortner, Palfinger chief executive officer. "ETI allows us to realise our strategy of becoming a truly local player in one of our strategic core business segments."

In addition to aerial lifts, ETI manufactures service cranes. In 2007, ETI acquired a majority interest in service crane manufacturer Ideal Crane Corp of Tulsa, Oklahoma.

Existing owners will continue to run ETI as a largely independent business within Palfinger's North America unit, which is based in Niagara Falls, Ontario, Canada. The EFI owners sought strategic investment to support ETI's further organic growth.