Hiab Completes Effer Acquisition

November 7, 2018 - Hiab, part of Cargotec, has completed the acquisition of Effer S.p.A. from CTE Group. Signing of the transaction was announced July 31, 2018. The acquisition is a significant advancement toward Hiab’s goal of being the leader in cranes and preferred partner for its customers.  

 

Effer, headquartered in Minerbio, Italy, and with approximately 400 employees, is a renowned premium knuckleboom crane manufacturer. Effer's product range includes truck loader cranes, special application truck cranes, and marine cranes, with particular recognition for heavy cranes >100 tm capacity. Distribution is managed through a global network of more than 100 dealers covering about 60 countries.  

 

Joakim Andersson, Senior Vice President Cranes Hiab at the closing of the acquisition in Minerbio (Bologna), Italy

The addition of Effer further strengthens Hiab's development and innovation competence, enhances its total crane portfolio, increases its coverage from widely complementary sales and distribution networks, and leverages Hiab's service competence. The combined assets translate to continued brand and business growth and further improved experience for both brand's customers. 

Effer will continue to operate under its recognized brand and identity, and through its established dealer and distribution partner network. Effer will be part of Hiab's global cranes organization, with Lorenzo Cipriani continuing as managing director of Effer, reporting to Joakim Andersson, Hiab’s senior vice president cranes.  

"I am incredibly proud today to welcome Effer and its employees as part of the Hiab family. Bringing our two proud histories, strong brands, and unique competence together will make Hiab and Effer stronger and able to even better serve our customers", says Joakim Andersson.  

Scott Phillips, new president of Hiab, adds "It is in both of our companies' DNA to innovate and now to truly lead this industry. I have no doubt, that combining our strengths will soon create tangible value to customers, partners, our people and combined business." 

"With Effer becoming part of Hiab, two organizations with strong cultures and committed employees come together. We will make sure to nurture our unique strengths, the combined talent, and unlock our growth potential," adds Andersson.  

"We are really proud to be part of Hiab. This represents a great opportunity for Effer to bring our passion, professionalism, and our solutions to truly global scale and success," concludes Cipriani.  

The financial result of Effer S.p.A. will be consolidated in Hiab business area financials as part of Cargotec from November 2018.