PALFINGER Group Signs Acquisition of Harding Holding AS

Source: www.gulfoilandgas.com 5/30/2016, Location: Europe

With today, the PALFINGER Group signs acquisition 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group, headquartered in Seimsfoss, Norway. PALFINGER MARINE operates now as top player for deck equipment and handling solutions within the marine industries. Closing after approval of the authorities is expected in the next weeks.

Harding is one of the leading suppliers of lifesaving equipment and lifecycle services for maritime installations and ships. With this acquisition, PALFINGER MARINE completes its product range with lifeboats and broadens its portfolio with rescue boats and davit systems. With the joint set-up PALFINGER MARINE will control a global service set-up of 350 people in 18 service stations.

Strategic key success factor: Global service network

Karl Oberreiter, Managing Director of PALFINGER MARINE explains the strategic rationale for this acquisition: “In our product portfolio we were missing the lifeboats and were looking for improvements in our service network. In our business, the need for professional services and trainings will be a key success factor in the future. With Harding’s comprehensive service network maintaining operations in 18 countries, we massively extend our service performance to be even closer to the customer. Harding achieves around half of its revenue through lifecycle services.”

Leading position in the market for handling solutions and live-saving equipment

Adding Harding to the PALFINGER Group strengthens PALFINGER MARINE’s positioning in the most relevant customer segments: Oil & Gas, Offshore Vessels, Navy & Coast Guard, Fishing, Wind and Merchants (i.e. tankers, containers and especially cruise vessels). Adding Harding’s 800 employees PALFINGER MARINE will employ 1.800 people. With the acquisition of Harding, PALFINGER MARINE almost doubles its revenue to EUR 300 million. The enlarged PALFINGER MARINE will be in a pole position to offer complete packages consisting of cranes, lifting & handling, live-saving equipment and global services.

High class products and services from a single source

“Experiencing a certain dependency from the oil price drop, we are actively working on our strategy and taking other segment more into our focus. We profit from a strong offshore wind market, where we are one of the market leaders in nacelle, platform and substation cranes. Also the Navy and Coast Guard business is offering attractive opportunities and we are preparing our product and service portfolio to this very challenging business. Serving our customers with high class products and services from a single source will bring major advantages and reliability to shipyards, owners and operators alike,” highlights Karl Oberreiter the PALFINGER MARINE strategy.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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