Palfinger AG — M&A Activity 2001

Jan 15, 2001

News Details

Ad-hoc | 15 January 2001 08:10

Ad hoc-Service: PALFINGER AG

Ad-hoc Mitteilung übermittelt durch die DGAP. Für den Inhalt der Mitteilung ist allein der Emittent verantwortlich. —————————————————————————— AD HOC-INFORMATION Palfinger acquires distribution network in the USA and steps up North American operations * Formation of Palfinger USA * Acquisition of Tiffin Loader Crane – Palfinger’s largest US distributor * Expansion of the existing North American site in Niagara Falls to cater for new products Bergheim/Salzburg, 15 January 2001 Vienna-quoted Palfinger is stepping up its North American operations. The first stage of this process has been completed by Palfinger’s acquisition of the largest US distributor for Palfinger cranes, Tiffin Loader Crane Co., in Tiffin, Ohio, and the formation of Palfinger USA, Inc., based at the same location. In its role as a distributor Tiffin, also known in the US as a specialist in high-tech truck and trailer bodies, is responsible for about 50 percent of Palfinger’s US sales. Tiffin Loader Crane employs 35 people in three areas – Special Bodies, Sales and Service. The existing management will remain in place. The purchase price is not being disclosed. Tiffin will continue to exist as a wholly owned Palfinger USA subsidiary, and will in future be responsible for all Palfinger Group US distribution and after-sales business. In response to US customers’ frequently voiced wish for a domestic partner, the business is being divided between the existing Palfinger company based in Niagara Falls, Canada and the new Palfinger subsidiary. The move was also necessary in order to be able to exploit the potential of the US market more fully. Palfinger will also benefit from Tiffin’s excellent reputation as a technology leader in sophisticated solutions for the truck, transport and handling sectors. Palfinger USA will have a head count of about 20. The previous North American distribution business, Palfinger Inc., Niagara Falls,Canada, will continue to service the Canadian crane market. In addition,the site will be re-equipped for the final assembly and distribution of Palfinger’s new systems, such the hook loader, Crayler and Mobiler products, so as to give Palfinger’s North American business a broader base. Contact: Hannes Roither, Palfinger AG phone +43 (0)662 4684 2260 h.roither@palfinger.com www.palfinger.com Ende der Mitteilung