Hiab completes the acquisition of Argos loader crane business in Brazil
CARGOTEC CORPORATION, PRESS RELEASE, 4 OCTOBER 2017 AT 10 AM EEST
Hiab, part of Cargotec, has completed the formal process to acquire the loader crane business of Argos Guindastes Indústria e Comércio Ltda. The transaction was announced on 1 August 2017.
Argos is one of Brazil's leading loader crane manufacturers. The acquisition will strengthen Hiab's strategy and leadership ambition by making a strong entrance to the Brazilian market and establishing a solid foundation for its business in the whole region. In the future, Hiab will operate its loader crane business under Hiab Brasil Guindastes e Serviços Ltda. in Brazil.
The results of Argos loader crane business will be consolidated in Hiab business area results as part of Cargotec as of October 2017.
Further information for the press:
Joakim Andersson, Senior Vice President, Cranes, Hiab; firstname.lastname@example.org
Nikolaus Scheurer, Vice President, Marketing & Communications, Hiab; email@example.com, tel. +46706005237
Further information for investors:
Hanna-Maria Heikkinen, Vice President, Investor Relations, Cargotec; firstname.lastname@example.org, tel. +358207774084
Hiab is the world's leading provider of on-road load handling equipment, intelligent services and digitally connected solutions. As the industry pioneer, Hiab's more than 3,000 employees worldwide focus on our commitment to increase efficiency in our customers' businesses and to shape the future of intelligent load handling.
Hiab's offering encompasses class-leading load handling equipment, including HIAB loader cranes, LOGLIFT and JONSERED forestry and recycling cranes, MOFFETT truck mounted forklifts, MULTILIFT demountables, and tail lifts under ZEPRO, DEL, and WALTCO brands. Hiab's ProCareTM service, award-winning HiVisionTM crane control system, and HiConnectTM platform demonstrate our constant drive to provide intelligent services and connected solutions that add value to our customers. www.hiab.com
Hiab is part of Cargotec Corporation. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2016 totalled approximately EUR 3.5 billion, and it employs over 11,000 people. www.cargotec.com