Hiab Expands Its Footprint Through Strategic Acquisition
Hiab, renowned for its innovative and sustainable load handling solutions, has made a significant move by signing an agreement to acquire ING Cranes, a prominent crane manufacturer based in Brazil. This strategic decision is designed to amplify Hiab’s presence within the Brazilian market, aligning with their growth initiatives.
About ING Cranes
Founded in 2010, ING Cranes has established itself as a leader in the crane manufacturing sector, showcasing remarkable growth. With reported sales nearing EUR 50 million in 2024, the company currently employs around 250 dedicated individuals. This acquisition not only underscores Hiab's commitment to growth but also amplifies its operational capabilities and local market expertise.
Insights from Hiab Leadership
Scott Phillips, Hiab’s President and CEO, expressed enthusiasm for this acquisition, stating, "This is a logical step in Hiab's growth strategy." He emphasizes that integrating ING Cranes into Hiab will enhance their ability to deliver exceptional value to customers and stakeholders alike. Phillips further articulates that after completing this acquisition, they expect to significantly boost their market presence.
Marcel Boxem, VP Sales & Product Management for Hiab Loader Cranes, adds, "Bringing together Hiab's global strength with ING Cranes’ local knowledge uniquely positions us to become the leading loader crane provider in Brazil." This synergetic union promises to fortify Hiab’s comprehensive offerings within the loader crane sector.
Comprehensive Product Offerings
The acquisition of ING Cranes enriches Hiab’s impressive array of loader cranes, providing options that range from light to heavy-duty equipment. This broad spectrum positions Hiab strongly to serve various industries within Brazil, including agriculture, rental, construction, and transportation. By meeting diverse customer needs, Hiab continues to establish itself as a preferred provider of efficient and effective solutions.
Looking Ahead
The completion of this acquisition remains contingent on customary closing conditions, with expectations for finalization in early 2026. Although specific transaction values have not been disclosed, the anticipation surrounding this merger reflects both companies' commitment to growth in their respective markets.
For more insights, please reach out:
Birgitte Skade, Executive Vice President of Marketing and Communications
Contact: +358 20 777 4000
Email: birgitte.skade@hiab.com
For investors:
Aki Vesikallio, Vice President of Investor Relations
Contact: +358 40 729 1670
Hiab (Nasdaq Helsinki: HIAB) stands as a leading provider of intelligent load-handling solutions. With a commitment to enhancing customer experiences each day and an extensive network that covers over 100 countries, Hiab showcases its global reach through more than 3,000 dedicated sales and service centers. In 2024, their ongoing operations reported sales of around EUR 1.6 billion and employed over 4,000 enthusiastic professionals.
Frequently Asked Questions
What is the recent acquisition by Hiab?
Hiab has signed an agreement to acquire ING Cranes, enhancing its presence in the Brazilian market.
What are the expected benefits of this acquisition?
This acquisition aims to leverage both companies' strengths, integrating Hiab's global reach with ING Cranes' local expertise to become the leading provider in Brazil.
When is the acquisition expected to be finalized?
The transaction is anticipated to be completed in early 2026, pending customary closing conditions.
What industries will benefit from this acquisition?
The acquisition will serve diverse industries such as agriculture, rental, construction, and transportation, providing a comprehensive range of loader cranes.
How can I contact Hiab for more information?
For further information, you can reach Birgitte Skade at +358 20 777 4000 or via email at birgitte.skade@hiab.com.
