Palfinger

Palfinger and SANY Heavy Industries signed an agreement to reverse their cross-shareholding, reducing complexity while continuing operational cooperation in joint ventures in China and CIS states.

PALFINGER AG and SANY HEAVY INDUSTRIES signed an agreement to reverse their cross-shareholding. PALFINGER ASIA PACIFIC will transfer its 7.5% stake in Sany Automobile Hoisting Machinery to SANY EUROPE in exchange for 2,826,516 PALFINGER shares and approximately EUR 15 million cash. Additionally, the operational joint venture Palfinger Sany Mobile Cranes Sales GmbH will be taken over by the SANY Group.

Palfinger has signed a contract to acquire TSK Kran und Wechselsysteme GmbH, a German producer of tipper, crane and platform bodies. The acquisition strengthens Palfinger's presence in the German market and will be completed at the start of 2022.

Palfinger has sold its Norwegian lifeboat manufacturing operation in Ølve via a Management Buy Out.

Palfinger is negotiating to sell its 7.5% stake in Sany Automobile Hoisting Machinery back to Sany, in exchange for Sany Germany selling its 7.5% stake in Palfinger, with no impact on their joint ventures.

PALFINGER and SANY Heavy Industries are negotiating the reversal of their cross-holding, involving the sale of PALFINGER's 7.5% stake in Sany Automobile Hoisting Machinery to a SANY Group company in exchange for Sany Germany GmbH's approximately 7.5% stake in PALFINGER.

Palfinger is adding a new location in Solec, Poland, to supplement its Mounting Competence Center (MCC) at Lengau. The expansion will increase annual mounting capacity from 200 to 500 by 2020.

PALFINGER has been awarded a contract by the Modification Alliance (Aker BP and Aker Solutions) to deliver one fully electric offshore pedestal crane and overhead travelling cranes for the Valhall Crane Replacement Project in the North Sea.

Austrian crane manufacturer Palfinger increased production capacity by 30% and opened 100 new jobs at its factory in Cherven Bryag, Bulgaria. The project cost around 7 million euro and closes the production cycle of loading cranes.