In Cargotec, the foundations of Hiab business area were laid in 1977 when Partek Corporation bought Multilift Group. The acquisition marked the beginning of a series of investments within the engineering industry.
Eight years later, Partek acquired Hydrauliska Industrier Ltd (Hiab) and Jonsered forestry cranes. At the time, Swedish Hiab was one of the leading producers of loader cranes in the world. A couple of years later Partek strengthened its forestry crane expertise by acquiring that particular business line from Fiskars.
The next major moves within the load handling business took place during the next millennium when the company bought tail lift operations from Waltco and Zepro. The truck-mounted forklift producers Moffett, Kooi, Princeton and a producer of container spreaders, Bromma, were also acquired in 2000. Two years later, Bromma was transferred from the load handling to container handling business.
In 2002, KONE Corporation acquired Partek and KONE Cargotec was established, and three years later a demerger resulted in a new listed company, Cargotec. Since 2004, Hiab has been the name for the whole load handling business in Cargotec. In 2008, the DEL UK tail lift business became part of the Hiab product range.
In 2013 Cargotec established a joint venture with China National Heavy Duty Truck Group Co., Ltd (CNHTC), a leading Chinese manufacturer of heavy duty trucks and the parent company of Sinotruk. This will enable Cargotec to expand its presence in the Chinese load handling market.