Palfinger completes Harding buy
- Business & Finance
Palfinger Group closed the acquisition of 100 per cent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group on Thursday, June 30.
Palfinger announced the acquisition of Harding, a supplier of lifesaving equipment and lifecycle services for maritime installations and ships, in late May.
As a consequence, Palfinger expands its marine business by adding new products and a global service network. The Palfinger Group’s new member will be reported on as a fully consolidated company starting from the second quarter of 2016.
Harding is headquartered in Seimsfoss, Norway, and operates a service network across 16 countries worldwide. With a staff of approximately 800, Harding generates roughly half of its revenue, most recently recorded at EUR 140 million, from lifecycle services. Product-wise, the Group is a supplier of lifeboats.
The acquisition is the largest in the history of the Palfinger Group. As a result of the takeover, Palfinger said that its marine business will almost double its business volume and generate revenue of over EUR 300 million, which is substantially more than 20 per cent of the Group’s total revenue.
Palfinger said that this will reduce Palfinger Marine’s dependence on the oil price and consequently also on the investment propensity of the customer industries.
Palfinger Marine also recently announced its intention to acquire the Norwegian cranes and offshore access systems provider TTS Group.