Palfinger's Wumag takeover on track
18 August 2008
Austrian and German anti-monopoly authorities have approved Palfinger's takeover of Wumag's Elevant, announced on 20 June.
Palfinger said the acquisition strengthened its truck-mounted aerial platform line and gave it "an excellent starting position in a rapidly expanding market."
The Salzburg-based manufacturer confirmed its ambition to rank among the top three providers of aerial access equipment and said the Wumag acquisition was an important step.
Herbert Ortner, Palfinger chief executive officer, said, "With a joint market share of approximately 15%, we are one of the top players in Europe in aerial work platforms, and we hope to expand our market position even more."
Palfinger manufactures lorry loader cranes and handling systems in Europe, South and North America, and Asia, and in 2007 reported revenues of €695.6. Wumag Elevant has three facilities in Germany and its revenues last year were €44 million.