EANS-News: Palfinger AG / Growth in Sweden

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Corporate news transmitted by euro adhoc. The issuer is responsible for the content.

Merger / takeover / participation

Bergheim – PALFINGER yesterday signed an agreement to take over Hinz Försäljnings AB. The entry into its second largest independent sales partner worldwide, based in Sweden, strengthens PALFINGER’s presence as an Austrian technology and mechanical engineering company in the core market of Sweden.

With five service points, 45 service partners, 71 employees and a turnover of around 44.0 million euros (2019), Hinz Försäljnings AB is the most important PALFINGER sales partner in Sweden. In the Northern European core market, the company sells the majority of the PALFINGER product range, including marine cranes and services. In the 46 years of the partnership, Hinz AB, founded by Bertil Hinz in 1973, has sold more than 11,000 PALFINGER and EPSILON cranes in Sweden.

Takeover of 100 percent
With the takeover, a new form of cooperation begins. Due to the long-standing, successful and trusting partnership, the owners have offered PALFINGER to acquire the company. The scope of the transaction comprises 100 percent of the shares in the trading company Hinz Försäljnings AB, which is 100 percent owned by Hinz Holding AB. Magnus Hinz and Magnus Rosberg will remain with the company in their previous functions as sales managers and managing directors. The parties have agreed not to disclose the purchase price. The effectiveness of the purchase contract is subject to conditions precedent, the fulfillment of which the parties will work together in the next few weeks.

Secure future
This will ensure the continued existence of Hinz Försäljnings AB, the second largest independent dealer in the worldwide PALFINGER sales network, in full and with all employees at all locations. “The new ownership structure guarantees that Hinz Försäljnings AB will continue to exist as the most important player on the Swedish market and will have a future,” says Magnus Hinz.

Excellent sales structure
By joining, PALFINGER will secure the excellent sales and service structure, proximity to local customers and essential contacts to Swedish truck manufacturers and original equipment manufacturers (OEMs). This is an essential part of further strengthening the PALFINGER sales network. “Joining our long-term partner is an important step towards providing our Scandinavian customers with even more intensive and holistic support – in line with our brand promise: ‘Creating value and growing together'”, explains PALFINGER CEO Andreas Klauser. The takeover contract was signed in Borlänge on November 30, 2020.

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ABOUT PALFINGER AG
The international technology and mechanical engineering company PALFINGER is the world’s leading provider of innovative crane and lifting solutions. With around 11,000 employees, 35 production locations and a global sales and service network with over 5,000 support points, PALFINGER guarantees immediate and optimal customer proximity.

As a technology leader, the company strives to secure the long-term corporate success of its partners through economically and ecologically sustainable solutions and products. On the basis of its wide range of models, PALFINGER is therefore promoting the possible uses for digitization and artificial intelligence.

As a global company with strong regional roots, PALFINGER is convinced that thinking and acting sustainably contribute significantly to economic success. For this reason, the company assumes social, ecological and economic responsibility along the entire value chain.

PALFINGER AG has been listed on the Vienna Stock Exchange since 1999 and achieved record sales of EUR 1.75 billion in 2019.

End of the announcement euro adhoc

Issuer: Palfinger AG
Lamprechtshausener Bundesstrasse 8
A-5020 Salzburg
Telephone: 0662 / 2281-81101
FAX: 0662/2281-81070
Email: ir@palfinger.com
WWW: www.palfinger.ag
ISIN: AT0000758305
Indices:
Exchanges: Vienna
Language: German

Inquiries & contact:

Hannes Roither | Group spokesman | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com

Text and corresponding images are available under “News” on the website
www.palfinger.ag, www.palfinger.com.



Source link
https://www.ots.at/presseaussendung/OTS_20201201_OTS0007/eans-news-palfinger-ag-zuwachs-in-schweden

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