Cargotec has entered into an agreement to acquire the Effer truck-mounted cranes business from Bologna, Italy-based CTE Group for €50M. The business will be added to Cargotec’s Hiab business unit portfolio
CTE Group has owned Effer since 2005.
With the acquisition of Effer, Hiab will complement its loader cranes portfolio and expand its range of heavy cranes, in particular in the >100 tonnes segment, in which Effer is recognised as a global leader. Other Hiab crane brands include Loglift and Jonsered forestry and recycling cranes, as well as Argos loader cranes in Brazil.
Effer will continue to operate as part of Hiab under its own brand name and through its dealer network.
"I am happy to welcome Effer to the Hiab family," said Roland Sundén, President of Hiab. "This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and in particular in loader cranes, the industry that Hiab founded nearly 75 years ago."
Effer has over 50 years’ experience in developing and manufacturing knuckle-boom cranes, with its product range encompassing truck cranes from 3t to 300t lifting capacity, special application truck cranes, and marine cranes.
Distribution is managed through a network of more than 100 dealers covering 60 countries globally. Effer’s sales in 2017 totalled €71M and generated an operating profit of around €6.1M. The company has around 400 employees.
"Through its size and global scale, Hiab offers optimal opportunities for continued growth for Effer and I am delighted that we are becoming part of an organisation with an equally proud past, passion for quality and reliability, and drive for innovation", said Lorenzo Cipriani, CEO of Effer.