Hiab acquires Effer | Crane Plus
Hiab acquires Effer | Crane Plus : Loader crane manufacturer Hiab has acquired the Effer loader cranes business from the CTE group at a price that values the company at €50 million. Effer was established in 1965, and is based in Minerbio, Italy, with 400 employees and revenues last year of €71 million, with an operating profit of €6.1 million. It has a range that currently runs from three to 300 tonne/metres, along with special application truck cranes, and marine cranes. It sells thought around 100 dealers covering 60 countries. Hiab and its parent Cargotec, says that the acquisition will be a key building block in its aim to come the market leader for loader cranes. The Effer range will significantly boost Hiab’s large crane range, particularly over 100 tonne/metres where Effer is a leading player. The initial plan is for Effer to continue to operate as a standalone division of Hiab, maintaining the Effer brand and its dealer network. Hiab president Roland Sundén said: "I am ...