Palfinger Group has signed the acquisition of 100 per cent of the shares in Herkules Harding Holding and thus, the globally operating Harding Group, headquartered in Seimsfoss, Norway.
The company said that the approval of the authorities is expected in the next weeks.
Harding is a supplier 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.
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.”
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.
Palfinger noted that, following the acquisition, the enlarged Palfinger Marine will be in a position to offer complete packages consisting of cranes, lifting & handling, live-saving equipment and global services.