Palfinger closes Russian PM-Group deal
07 October 2014
In Russia Palfinger has closed its acquisition of 60 % of crane manufacturing group PM-Group Lifting Machines for an undisclosed sum. Forestry crane and Palfinger Epsilon partner company Steindl Forsttechnik GmbH also acquired 20 % of PM-Group Lifting Machines.
PM-Group Lifting Machines is Russian timber and recycling crane manufacturers Velmash and Solombalsky. Revenue is around €50 million (US$ 68 million), there are 1,400 employees and between them they have a sales network of 86 dealers, service centres and offices.
Herbert Ortner, Palfinger CEO, said, “The acquisition of PM-Group Lifting Machines marks a significant expansion of Palfinger’s and the Steindl family’s activities in Russia. Together we will be able to offer our customers a broad range of products and enhanced service, primarily in the field of timber and recycling cranes.”