The PALFINGER Group is further expanding its business in Russia and last week signed the contract for the complete takeover of Russian crane producer INMAN (Ischimbajskie Neftianiye Manipuliatory, JSC). The company with its headquarters in Ishimbay in the Republic of Bashkortostan (Volga region) has since 1992 been a producer and distributor of hydraulic lifting and loading systems, in particular knuckle boom cranes. With a staff of 415, INMAN is expected to generate revenue of approximately EUR 20 million in 2011.
INMAN operates two production facilities and is a major supplier to the Russian market. The company’s services range from the complete certification for the Russian market up to technical maintenance and spare parts. Primarily INMAN is a supplier to companies in the oil and gas industry as well as state-owned enterprises.
“We were looking for a well-established and reliable partner based in the CIS area in order to establish local value creation. INMAN is a manufacturer of premium, reliable products and has a very strong and long-standing brand name. Its product portfolio is the perfect addition to the PALFINGER products. The company’s good market position allows us in particular to open up the Ural region”, said Herbert Ortner, CEO of PALFINGER AG, on the strategic rationale behind the acquisition. INMAN will continue to exist as a separate brand within the PALFINGER Group. The acquisition is subject to the approval of the Supervisory Boards of both parties and the Federal Antimonopoly Service of the Russian Federation (FAS).
Since 2009 PALFINGER has expanded its Russian sales organization to a total of 50 dealers on both sides of the Ural. The acquisition of INMAN now provides the Group with local value creation and additional distribution channels – a major strategic step for the further development of the vast Russian market and the long-term growth strategy pursued in the CIS area.
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