Cargotec buys an Itallian competitor
Effer has been sold from CTE Group and joins the Hiab division of the Finnish manufacturer
Cargotec Group has bought through subsidiary Hiab the Effer loader cranes business in Italy from the CTE Group – of which it has been part since 2005 - for an enterprise value of 50 million euro to substantiate a significant advancement for Hiab's ambition to be the global leader in cranes and the preferred partner for its customers. Effer will continue to operate as part of Hiab under its brand and through its dealer network.
Since 2016 Hiab has fundamentally renewed and expanded its loader cranes portfolio to become the most modern in the market, announcing its renewed light range cranes in May 2018.
With the acquisition of Effer, Hiab – which founded this industry 75 years ago - 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.
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 SpA, 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.
Headquartered in Minerbio, Bologna, and with 400 employees, Effer's sales in 2017 totalled 71 million euro and generated an operating profit of 6.1 million euro.