PALFINGER closes Harding acquisition
Today, the PALFINGER Group closed the acquisition of 100 per cent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group. Harding is one of the leading suppliers of lifesaving equipment and lifecycle services for maritime installations and ships. As a consequence, PALFINGER expands its marine business by adding new products and a global service network. The PALFINGER Group’s new member will be reported on as a fully consolidated company starting from the second quarter of 2016. Harding is headquartered in Seimsfoss, Norway, and operates a comprehensive service network across 16 countries worldwide. With a staff of approximately 800, Harding generates roughly half of its revenue, most recently recorded at EUR 140 million, from lifecycle services. Product-wise, the Group is a leading supplier of lifeboats. Together with Harding, PALFINGER MARINE will be able to offer its customers one-stop-shop solutions with premium-quality packages of products and services. The acquisition is the largest in the history of the PALFINGER Group. As a result of the takeover, PALFINGER’s marine business will almost double its business volume and generate revenue of over EUR 300 million, which is substantially more than 20 per cent of the Group’s total revenue. The service segment will gain in importance immensely, reducing PALFINGER MARINE’s dependence on the oil price and consequently also on the investment propensity of the customer industries. With Harding, PALFINGER will be a big step closer to achieving its strategic goal of becoming an integrated supplier of marine deck equipment with global service locations.