US AWPs contribute to Palfinger's upward trend
By Maria Hadlow12 November 2010
Palfinger's third quarter has shown a positive trend affected favourably by the acquisition of a majority stake in US access platform manufacturer ETI. However, the European market for access platforms is yet to recover.
Palfinger's revenue grew 19.9% to €464.9 million in the first nine months of 2010. Chief executive officer Herbert Ortner said, "After an extremely weak 2009, the past quarters were marked by a continuous positive market trend. In addition, the positive effects of the structural and process-related measures implemented in 2009 were felt. On this basis, we were able to seize market opportunities and to continue our strategic activities in a targeted manner in the past few months. The results have not yet reached pre-crisis record levels, but we are nevertheless satisfied with the milestones reached."
The Group recognised that its entry into the North American market of access platforms through the acquisition of a majority stake in ETI in March 2010 was instrumental in a favourable inorganic growth of revenue and earnings.
Although the crane business strengthened in Europe the interim report noted, "Distinct declines in the fields of access platforms and hookloaders," in that region.