Palfinger acquires majority stake in US truck-mount OEM

The Palfinger Group has acquired an 80 percent stake in Equipment Technology, LLC (ETI), expanding its reach in the US. ETI is located in Oklahoma and manufactures and distributes aerial lifts. It has 190 employees, and raked in revenues of $45 million in 2009.

Until Palfinger's majority stake in the company, ETI had been family owned. The owners of ETI said they were looking for an investor to support ETI's further expansion.

"We have known ETI for a long time and are excited that the company is becoming part of the Palfinger Group," said Herbert Ortner, chief executive officer of Palfinger AG. "ETI allows us to realize our strategy of becoming a truly local player in one of our strategic core business segments."

ETI was focused mostly in the south west of the US until its acquisition of crane manufacturer Ideal Crane in 2007. ETI also manufactures service cranes. The company distributes its products via direct sales and is supported by a nationwide network of independent service outlets.