Hiab, part of Cargotec, has completed the acquisition of Effer from CTE Group.
The acquisition was previousy announced 31 July.
/> Effer, headquartered in Minerbio, Italy, and with approximately 400 employees, is a renowned premium knuckle-boom crane manufacturer. Effer's product range includes truck loader cranes, special application truck cranes, and marine cranes, with particular recognition for heavy cranes >100 tm capacity. Distribution is managed through a network of more than 100 dealers covering around 60 countries globally.
The addition of Effer will mean a further strengthening of Hiab's development and innovation competence, an enhanced total cranes portfolio, increased coverage from widely complementary sales and distribution networks, and leverage Hiab's service competence. These combined assets shall translate to continued brand and business growth and further improved experience for both brand's customers.
Effer will continue to operate under its recognised brand and identity, and through its established dealer and distribution partner network. Effer will be part of Hiab's global cranes organisation, with Lorenzo Cipriani continuing as Managing Director Effer, reporting to Joakim Andersson, Senior Vice President Cranes, Hiab.
“I am incredibly proud today to welcome Effer and its employees as part of the Hiab family. Bringing our two proud histories, strong brands and unique competence together will make Hiab and Effer stronger and able to even better serve our customers,” said Andersson.
Scott Phillips, new president of Hiab, added: “It is in both of our companies' DNA to innovate and now to truly lead this industry. I have no doubt, that combining our strengths will soon create tangible value to customers, partners, our people and combined business.”
“With Effer becoming part of Hiab, two organisations with strong cultures and committed employees come together,” said Andersson. “We will make sure to nurture our unique strengths, the combined talent and unlock our growth potential.”
We are really proud to be part of Hiab. This represents a great opportunity for Effer to bring our passion, professionalism, and our solutions to truly global scale and success,” said Effer Managing Director, Lorenzo Cipriani.
The financial result of Effer will be consolidated in Hiab business area financials as part of Cargotec from November 2018.
(Image: Hiab President, Roland Sundén.)