Loader crane manufacturer Hiab has acquired the Effer loader cranes business from the CTE group at a price that values the company at €50 million. 

Effer was established in 1965, and is based in Minerbio, Italy, with 400 employees and revenues last year of €71 million, with an operating profit of €6.1 million. It has a range that currently runs from three to 300 tonne/metres, along with special application truck cranes, and marine cranes. It sells thought around 100 dealers covering 60 countries.

Hiab and its parent Cargotec, says that the acquisition will be a key building block in its aim to come the market leader for loader cranes. The Effer range will significantly boost Hiab’s large crane range, particularly over 100 tonne/metres where Effer is a leading player. The initial plan is for Effer to continue to operate as a standalone division of Hiab, maintaining the Effer brand and its dealer network.

Hiab president Roland Sundén said: "I am happy to welcome Effer to the Hiab family. This acquisition is a bold step in line with our growth strategy to be the global leader in on-road load handling and in particular in loader cranes, the industry that Hiab founded nearly 75 years ago." 

Effer chief executive Lorenzo Cipriani added: "Through its size and global scale, Hiab offers the most optimal opportunities for continued growth for Effer and I am delighted that Effer is becoming part of an organisation with an equally proud past, passion for quality and reliability, and drive for innovation." 

Hiab senior vice president cranes Joakim Andersson, said: "With a comprehensive crane portfolio and a strong global sales and service presence in complementary geographies, Hiab and Effer will jointly become a stronger partner for our customers, helping them reach their full potential." 

The acquisition is subject to regulatory approvals and should complete sometime in the second half.