The Wacker Neuson Group has reached an agreement with the majority owners of Spanish Enarco S.A. to acquire up to 100% of the Enar Group. Enar is a manufacturer of light construction equipment specialising in concrete compaction.

The aim of the new alliance is to further strengthen the Wacker Neuson Group's market position and extend its international reach, particularly in the field of concrete technology.

"With the acquisition of the Enar Group, we have found the ideal way to expand our offering in the rapidly growing concrete technology market. Enar products are excellently positioned and the company has established strong market access, creating highly promising opportunities for our Group," outlines Alexander Greschner, chief sales officer of the Wacker Neuson Group.

"We are delighted to have gained a strong partner in Wacker Neuson, opening up excellent long-term prospects for our company and the Enar brand. I am convinced that the merger will give our employees the best possible development opportunities and that we - together with Wacker Neuson - will be even better placed to meet our customers' needs as we move forward," says Jose Luis del Prim Imaz, CEO of Enarco.

Subject to regulatory approval and the completion of the acquisition of all shares by the Wacker-Neuson Group from individual shareholders up to a certain threshold, the transaction is expected to be closed in the first half of 2022. The purchase price is planned to be settled in cash and treasury shares.

The purchase price and terms were not disclosed.