Palfinger moves in marine sector

Austria-based Palfinger Group has acquired a 75% stake in Dutch company Ned-Deck Marine and is planning another acquisition in the sector.

NDM manufactures special application marine cranes for rescue boat davits. It is based in the Netherlands and also manufactures in Vietnam. NDM revenue in 2009 was close to Euro 20 million and there are about 100 employees. The existing management team will remain, Palfinger said.

Marine cranes is a new market for truck mounted knuckle boom and forestry crane manufacturer Palfinger.

"Despite a 30% market decline, the revenue generated by NDM in 2009 remained stable. Further growth will also significantly add to the importance of the servicing business of existing equipment," said Herbert Ortner, Palfinger CEO.

* To further expand its ship crane business Palfinger said it is planning another acquisition. Targeted is the marine crane division of Palfinger Systems GmbH, owned by the Palfinger family. It includes a business with around 150 staff generating about Euro 30 million revenue.

Due diligence starts in July. "We have been interested for quite some time in re-integrating the marine crane business into Palfinger AG as a meaningful and profitable supplement to our strategy," explained Ortner.