Palfinger Holding AG

ots Ad hoc-Service: PALFINGER AG Palfinger gives go-ahead to management buy-out of Marine profit centre

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    Bergheim/Salzburg (ots Ad hoc-Service) -  

    *    Concentration on core competences in high-growth divisions     *    Buy-out to continue sourcing components from Palfinger     *    Approx. ATS 40 million (EUR 3 million) in revenue being   spun-off

    The Vienna-listed Palfinger Group is disposing of its Marine profit centre, currently part of the Hydraulic Systems Division, by way of a management buy-out by the existing manager of the business, Heinz Kissel. This step is in line with the Palfinger Group s strategy of concentrating on high value-added processes that play a key role in overall competitiveness and have good growth prospects.

    The Marine profit centre manufactures and distributes marine cranes, specialising in equipment for North Sea trawlers and pipe handlers used in offshore oil exploration. The external revenue of the profit centre, which has broken even for some years now, is about ATS 100 million (EUR 7.3 mn). However the Palfinger Group will experience a net decline in revenue of only about ATS 40 mn (EUR 3 mn) as a result of the disposal, as the new company will continue to source components from the Group. The spin-off of Marine will lead to a significant reduction in staff and material costs.

    The spin-off will take effect on the Palfinger Group s balance sheet date (31 December 2000). The company, to be called Crane Power International Trading GmbH, will have a workforce of 30-50. It will commence operations on the Croatian island of Ugljan, facing Zadar, in spring 2001.

    Contact:     Hannes Roither, Palfinger AG     phone +43 (0) 662 46 84 2260     or +43 (0) 664 206 92 47

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