Palfinger to take over Wumag's aerial platform business
By Maria Hadlow23 June 2008
Austrian manufacturer Palfinger has announced that it is in the final stages of taking over the Elevant aerial working platforms unit from Wumag GmbH. The acquisition is of one of the three-largest manufacturers of truck-mounted aerial work platforms and will add three manufacturing sites in Germany.
Palfinger chief executive officer Herbert Ortner said, "Wumag is a perfect match for us. Our portfolio of aerial working platfroms will be expanded by a second brand, which can be clearly distinguisihed from our Bison aerial working platforms by the types and fittings offered. At the same time we will be able to create numerous synergies from existing similarities, the geographical proximity to Bison and, of course, the typical strengths of Wumag."
Wumag's primary products are truck-mounts with 17 to 100 m working heights. It also makes van-mounts and aerial fire-fighting equipment. Palfinger makes the Bison line of truck-mounted platforms, but said it plans to keep the Wumag brand. It also said it will exploit synergies from common reserch and development, purchasing, manufacturing, sales, and service activities.
Palfinger manufactures hydraulic lifting, loading and handling systems -- primarily knuckle boom cranes for trucks. In 2007 the company generated total sales of €695.6 million. The Elevant business was €44 million in 2007.The contracts between the companies have been negotiated and the approval of the Supervisory Board of Palfinger and the Advisory Board of Wumag were secured on 23 June. The takeover is expected to be approved by the antitrust authorities in summer 2008.