The Palfinger Group, the Austria-based maker of crane and deck equipment, completed its 100% acquisition of lifesaving equipment and service provider Herkules Harding AS, a transaction that expands the Palfinger Marine GmbH division with new products and a global service network, the company reported.
Norway-based Harding is a leading supplier of lifeboats, with about 800 employees and a service network across 16 countries. Roughly half of its annual revenue, last reported as 130 million euros ($143 million) is generated by lifecycle services.
The deal is the biggest acquisition in Palfinger’s history and is anticipated to double revenue from its marine business to 300 million euros ($330 million). Bringing on Harding’s established service business will also reduce Palfinger Marine’s dependence on oil prices and the lessening of new offshore investments due to the market glut.
“Together with Harding, Palfinger Marine will be able to offer its customers one-stop-shop solutions with premium-quality packages of products and services,” the company said in a June 30 announcement.