Palfinger enters US access market

Palfinger enters US access market

Palfinger has acquired an 80 percent stake in Oklahoma City based truck mounted aerial lift manufacturer ETI (Equipment Technology, LLC).

Palfinger is calling this acquisition a “strategic partnership” as the current owners are maintaining a significant shareholding and will continue to run the company. Products, largely bucket trucks, are both standard and fully insulated.

ETI has 190 employees at three locations, with revenues of around $45 million in 2009, in addition to lifts it produces cranes for service trucks following the acquisition of Ideal Crane in 2007.

The deal will boost Palfinger’s revenues by around six percent, while North American revenues as a percentage of the whole will rise from 12 percent to around 18 percent.

Palfinger chief executive Herbert Ortner said: “We have known ETI for a long time and are excited that the company is becoming part of the Palfinger Group. ETI allows us to realise our strategy of becoming a truly local player in one of our strategic core business segments.”