Korean acquisition for Palfinger Dreggen
By Laura Hatton11 September 2013
Palfinger Dreggen will purchase marine and offshore crane assets from Korean crane manufacturer MCT Engineering.
The agreement follows Palfinger Marine’s acquisition of Norwegian offshore company Dreggen. MCT Engineering is headquartered in Sacheon, South Korea. Following the acquisition the offshore cranes portion of the company will be known as Palfinger Dreggen Korea Ltd, a company spokesperson said.
Herbert Ortner, Palfinger CEO, said, “With the acquisition of Dreggen in the fourth quarter of 2012 we took a significant growth step for our Marine business area. Together we managed to obtain the largest order in the history of Palfinger in early 2013. It comprises, to be precise, two orders with a total value of approximately Euro 90 million, which we are going to fill in the years to come. The agreed takeover of this part of MCT Engineering’s business will provide a valuable foundation for the continued growth of our Marine business area.”