Palfinger Dreggen, has concluded an agreement to buy the assets in connection with the marine and offshore cranes product areas of the Korean crane manufacturer MCT Engineering CO., LTD.
The acquisition follows PALFINGER MARINE’s takeover of the Norwegian offshore crane manufacturer and is designed to help expand and intensify the partnership between both companies, which stretches back many years.
“With the acquisition of Dreggen in the fourth quarter of 2012, we took a significant growth step for our Business Area Marine. Together, we managed to obtain the largest order in the history of PALFINGER in early 2013. It comprises, to be precise, two orders with a total value of approx. EUR 90 million, which we are going to fill in the years to come. The agreed takeover of this part of MCT Eng’s business will provide a valuable foundation for the continued growth of our Marine business area,” explains Herbert Ortner , CEO of PALFINGER AG.
MCT Eng is headquartered with its production plant in Sacheon, South Korea, and has been active as a partner and subcontractor for PALFINGER DREGGEN for over ten years. The company covers the complete range from purchasing, production and assembly right up to consignment and delivery for marine and offshore cranes, handling cranes and special custom cranes on the Asian market. MCT Eng’s marine and offshore assets will be fully integrated into the Business Unit Offshore Cranes by the name of Palfinger Dreggen Korea LTD.
With this acquisition, PALFINGER DREGGEN’s offshore customers – no matter where they are in the world – will receive their tailored products from a single source, and the position of the PALFINGER DREGGEN brand as an offshore expert will be strengthened for the long term.
Korea to open the door to the booming offshore market in Asia Asia and Korea in particular are among the future markets for offshore cranes. PALFINGER MARINE is already well positioned on the Asian market with its own sales and service branch in Singapore. Expanding the value creation in the Business Unit Offshore Cranes constitutes a further strategic step in opening up one of the most important markets of PALFINGER MARINE.
[mappress] Press Release, August 26, 2013