CARGOTEC CORPORATION, TRADE PRESS RELEASE, 20 DECEMBER 2022 AT 4:00 PM EET
Hiab, part of Cargotec, has entered into an agreement to acquire the family-owned Swedish industrial group Olsbergs, which designs, manufactures and supplies hydraulic valves and remote control systems used to manoeuvre Hiab’s truck mounted loader cranes and forestry cranes. The closing takes place on 1 January 2023 and the integration of Olsbergs into Hiab as a separate business unit starts immediately after closing.
Olsbergs’ industry-leading hydraulic and remote systems have been used by Hiab since the mid-80s. Remote controls from Olsbergs are currently offered to Hiab customers as CombiDrive 3 and CombiDrive 4. Olsbergs valves and CombiDrive remote controls combined with the SPACEevo software, developed by Hiab, are the three most important parts of Hiab’s advanced control systems.
After the acquisition is completed, Olsbergs will become a business unit in Hiab’s Loader Cranes Light & Medium division and all 100 employees join Hiab. The current owners remain in the business in their current roles. The Olsbergs name will remain as an endorsed brand: Olsbergs, a Hiab company.
“Olsbergs technology has been instrumental in making Hiab the leading provider of the most advanced loader cranes on the market. By making Olsbergs a part of Hiab, we strengthen our technology leadership and can accelerate the development of our loader cranes and shape the future of smart and sustainable load handling,” says Barry McGrane, Senior Vice President, Loader Cranes Light & Medium, Hiab.
“I look forward to welcoming 100 new colleagues from Olsbergs to Hiab. One of our key growth strategies is through acquisitions, and the competence in valve and remote control technology we now bring to Hiab will ensure we are able to further accelerate developing integrated design solutions that will enable us to continue to set the industry standard for control systems that are safer, faster, and easier to use,” says Scott Phillips, President, Hiab.
“After decades of close cooperation, we look forward to becoming part of Hiab. We see it as a natural next step in Olsberg's more than 100-year history where we now have the opportunity, together with Hiab, to further strengthen Olsberg's brand and take the next step in technology and growth. As the operations will remain and grow both in Eksjö and Vallentuna, we have secured local jobs and created the best potential for future growth,” say Christina Henriksson and Jan-Erik Steen, Olsbergs.
The modern-day Olsbergs can trace its origins to 1906 when Olsbergs Gjuteri AB was founded in Bruzaholm, Eksjö, Sweden. In 1976 Olsbergs Hydraulics AB was founded in Eksjö, and Olsbergs Electronics, located in Vallentuna, Sweden, was founded in 1996. Currently, 85% of Olsbergs production is delivered to Hiab.
Barry McGrane, Senior Vice President, Loader Cranes Light and Medium, Hiab, m: +353 872791721, email@example.com
Annika Falk, Vice President, Marketing and Communications, Hiab, m: +46 706 021371, firstname.lastname@example.org
Alexander Gelis, Vice President, Sales and Product Management, Loader Cranes Light and Medium, Hiab, m: +46 703 954 266, email@example.com
Jan-Erik Steen, Managing Director, Olsbergs Electronics, m: +46 708 358 833, firstname.lastname@example.org
Christina Henriksson, Managing Director, Olsbergs Hydraulics, m: +46 705 408 755, email@example.com
Hiab is a leading provider of smart and sustainable load handling solutions. We are committed to delivering the best customer experience every day with the most engaged people and partners. Hiab's premium equipment includes HIAB, EFFER and ARGOS loader cranes, MOFFETT and PRINCETON truck mounted forklifts, LOGLIFT forestry cranes, JONSERED recycling cranes, MULTILIFT skiploaders and hooklifts, GALFAB roll-off cable hoists, and tail lifts under the ZEPRO, DEL and WALTCO brands. As the industry pioneer, Hiab continues to make load handling smarter, safer and more sustainable to build a better tomorrow. www.hiab.com
Hiab is part of Cargotec Corporation. Cargotec (Nasdaq Helsinki: CGCBV) sales in 2021 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com