Cargotec Corporation: Hiab strengthens its global leadership ambition in cranes by acquiring EFFER S.p.A from the CTE Group

CARGOTEC CORPORATION, PRESS RELEASE, 31 JULY 2018 AT 09:30 AM EEST

Hiab, part of Cargotec, and a global leader in on-road load handling, has entered into an agreement to acquire the Effer loader cranes business from the CTE Group for an enterprise value of EUR 50 million. This acquisition means a significant advancement for Hiab's ambition to be the global leader in cranes and the preferred partner for its customers.

Since 2016, Hiab has fundamentally renewed and expanded its HIAB loader cranes portfolio to become the most modern in the market - just recently announcing its renewed light range cranes (https://www.cargotec.com/en/nasdaq/press-release-hiab/2018/hiab-renews-its-light-range-loader-crane-portfolio-/) in May 2018. With the acquisition of Effer, Hiab will complement its loader cranes portfolio and expand its range of heavy cranes, in particular in the >100 tm segment, in which Effer is recognised as a global leader. Further Hiab crane brands include LOGLIFT and JONSERED forestry and recycling cranes, as well as Argos loader cranes in Brazil, following its acquisition in October 2017 (https://www.cargotec.com/en/nasdaq/press-release-hiab/2017/hiab-completes-the-acquisition-of-argos-loader-crane-business-in-brazil/).

Hiab and Effer are both leading and recognised premium brands within their specific crane segments and application areas, endorsed by loyal customers and trusted partners. Effer will continue to operate as part of Hiab under its brand and through its dealer network.

"I am happy to welcome Effer to the Hiab family. This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and in particular in loader cranes, the industry that Hiab founded nearly 75 years ago", states Roland Sundén, President of Hiab.

Effer, founded in 1965, has over 50 years' experience in developing and manufacturing knuckle-boom cranes, with its product range encompassing truck cranes with a 3 to 300 tm lifting capacity, special application truck cranes, and marine cranes. Effer S.p.A. is headquartered in Minerbio, Italy and has approx. 400 employees. Distribution is managed through a network of >100 dealers covering 60 countries globally. Effer's sales in 2017 totalled EUR 71 million and generated an operating profit of approx. EUR 6.1 million.

"Through its size and global scale, Hiab offers the most optimal opportunities for continued growth for Effer and I am delighted that Effer is becoming part of an organisation with an equally proud past, passion for quality and reliability, and drive for innovation", says Lorenzo Cipriani, CEO of Effer.

"With a comprehensive crane portfolio and a strong global sales and service presence in complementary geographies, Hiab and Effer will jointly become a stronger partner for our customers, helping them reach their full potential", concludes Joakim Andersson, Senior Vice President Cranes, at Hiab.

The acquisition is subject to regulatory approvals expected to be received in the second half of 2018. Effer's results will be consolidated into Hiab from the closing date.

Further information:

Joakim Andersson, Senior Vice President, Cranes, Hiab;

[e-mail], tel. [phone]

Nikolaus Scheurer, Vice President, Marketing & Communications, Hiab; [e-mail], tel. [phone]

For investors:

Hanna-Maria Heikkinen, Vice President, Investor Relations, Cargotec;

[e-mail], tel. [phone]

For the CTE Group and Effer:

Lorenzo Cipriani, CEO, Effer

[e-mail], tel. [phone]

Luca Piovan, Marketing and Communications Manager, Effer;

[e-mail], tel. [phone]

About Hiab

Hiab is the world's leading provider of on-road load handling equipment, intelligent services and digitally connected solutions. As the industry pioneer, Hiab's more than 3,300 employees worldwide focus on our commitment to increase efficiency in our customers' businesses and to shape the future of intelligent load handling.

Hiab's offering encompasses class-leading load-handling equipment, including HIAB loader cranes, LOGLIFT and JONSERED forestry and recycling cranes, MOFFETT truck mounted forklifts, MULTILIFT demountables, and tail lifts under the ZEPRO, DEL, and WALTCO brands. Hiab's ProCareTM service, award-winning HiVisionTM crane control system, and HiConnectTM platform demonstrate our constant drive to provide intelligent services and connected solutions that add value to our customers. www.hiab.com

Hiab is part of Cargotec Corporation. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2017 totalled approximately EUR 3.2 billion, and it employs over 11,000 people. www.cargotec.com

About Effer

Effer is a globally renowned manufacturer of truck-mounted loader and marine cranes, with lifting capacities from 3 to 300 tm. For over 50 years, Effer's mission has been to create high-quality products that provide outstanding performance for demanding tasks that give maximum value to lifting experts around the world. Headquartered in Minerbio (BO), Italy, Effer relies on the passion and expertise of its approx. 400 employees.

Effer has been part of the CTE Group since 2005. The CTE Group is a European group in the field of lifting and handling of materials and people, providing multiple brands for the global market, including truck-mounted and self-propelled aerial working platforms, fire and rescue platforms and other equipment. www.ctelift.com.

All of Effer's cranes are designed, developed, manufactured and tested at its own facilities in Italy, and made available through its dealer network spanning around 60 countries. www.effer.com

Effer_Signature Image (http://hugin.info/135578/R/2208099/858812.jpg)
Hiab_Signature Image (http://hugin.info/135578/R/2208099/858813.jpg)
Hiab-Effer_Stronger Together_Signature (http://hugin.info/135578/R/2208099/858814.jpg)

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Source: Cargotec Corporation via Globenewswire