Palfinger to acquire 30% of Hidro-Grubert

The Palfinger Group has acquired an initial 30% shareholding of Argentina-based Hidro-Grubert, a manufacturer of hydraulic knuckle boom cranes, access platforms and truck bodies.

Hidro-Grubert is based in Río Tercero, Córdoba. The company employs 200 staff and made sales of US$ 16.1 million in 2013.

The agreement states that Palfinger has the option to take over the majority of the company’s shares during the next three to five years, a spokesperson said. Family members who have owned Hidro-Grubert up to now will remain part of the management team.

Herbert Ortner, Palfinger CEO, said, “Hidro-Grubert is going to open up the Latin American access platform market for us. We believe in long-term growth in Latin America. With this shareholding, we are strengthening our market position.”

Sergio Bertotto, Hidro-Grubert shareholder and managing director, said, “With Palfinger we will be able to achieve faster and more sustainable growth, because we will have access to the resources and technologies of the global market leader. The Group’s experience in internationalisation and marketing will also be valuable for us.”

Closing of the transaction is scheduled for the end of July 2014.