Palfinger and Sany to expand partnership
By Alex Dahm30 September 2013
Manufacturers Palfinger and Sany plan to expand their crane distribution partnership by each acquiring a 10 % stake in the other’s company.
Half of the stake in Palfinger AG being acquired by Sany Heavy Industries (1,863,258 shares) will be new shares from the authorised capital of Palfinger AG. Shares acquired from the Palfinger family will be other half at €29 per share. Palfinger AG will acquire 10 % of Sany Lifting, part of Sany Group and similar in size to Palfinger, the Austrian manufacturer said.
Last year Austria-based knuckle boom crane manufacturer Palfinger and Sany from China, which makes truck, crawler, all terrain and tower cranes, formed two joint-venture companies to distribute each other’s cranes, in Europe and China.
Commenting on the news, Xiang Wenbo, Sany Group president, said, “For Sany, the close co-operation with Palfinger represents a major step in the direction of the global market. Together with Palfinger, we can develop the globalisation of Sany from a Chinese perspective. We are excited about the quick success of both joint ventures. The consolidation and expansion of our strategic partnership will make an important contribution to Sany’s further growth.”
Herbert Ortner, Palfinger CEO, said, “This desired consolidation of our strategic partnership is the basis for the further expansion of our proven cooperation. Together we have achieved a great deal in one year, and we are extremely pleased with the success scored in the Chinese market. To Palfinger, this partnership with Sany is of great importance. Moreover, Sany Lifting is an attractive investment.”
Hubert Palfinger Junior, Palfinger deputy chairman of the supervisory board, said, “We support Sany’s participation and are happy to have a strong partner on board as the second largest shareholder. This mutual interaction will strengthen both groups. Working side by side with our Chinese partners is an enrichment at all levels, not just operationally in business, but also culturally and personally.”