18.10.2004

Palfinger buys Bison, The consolidation begins

Palfinger AG, the Austrian producer of truck loading cranes and more recently truck mounted access platforms, has purchased 100 percent of the shares in Bison stematec one of the leading producers of truck mounted platforms in Germany. Bison is currently part of the Jenninsen group which also owns a BMW dealership along with truck body and textile businesses.

Palfinger AG is listed on the Vienna stock market, the deal is therefore subject to regulatory approval by the Austrian antitrust authorities. Bison stematec is located in Löbau, Saxony, and has around 130 employees. The company has annual sales revenues of about €13 million.

Palfinger Chief Executive, Wolfgang Anzengruber, has clearly stated that the aim of the acquisition is to “quickly become European market leader in the truck-mounted aerial work platform sector. “
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Bison has spent significantly on new products recently

Palfinger has a defined strategy, based on growth through diversification and internationalisation. Only 12 months ago the company entered the access market with the PA20T a 20 metre platform mounted on a 3.5 tonne truck. The unit received favourable reviews at this years Vertikal Check, (see Cranes&Access September page 31).

The company says that it “considers the market for truck-mounted aerial work platforms to be attractive with high potential, and is currently characterized by numerous small manufacturers producing low numbers of units and a large variety of models. The market is about to enter a consolidation process in which the Palfinger Group will be a vital player”.

Palfinger expects a rapid integration of Bison into the Group: “The Löbau location is going to become the competence center for truck-mounted aerial work platforms in the Palfinger Group. We are going to reap synergies in materials purchasing and distribution, “explains Herbert Ortner, Palfinger executive in charge of the transaction.

“Our corporate group is a network with seven assembly locations in five European countries. Germany is one of our most important markets. We are going to secure and create further jobs in Saxony on a sustained basis. “

Bison stematec will operate as Bison Palfinger GmbH an independent unit within the Palfinger Group and a subsidiary of Palfinger Europe GmbH. The company will be a member the “Hydraulic Systems and Services” sector of the group.

The Palfinger management expects Bison to gain significantly from its international dealer and service network. The company also says that Bison’s “core competence” as a high-quality producer and its assembly location in Löbau will remain for the long term. It also sees its location close to the border region adjoining Poland and the Czech Republic. As a major advantage to the group.

Palfinger estimate the European truck-mounted platform market to be worth around €300 million. and forecasts an annual market growth of about three percent over the next few years.. It identifies the largest markets for truck-mounts as France, Germany, Great Britain, Italy and Spain, and acknowledges the trend towards rental thus reducing the total number of buyers in a given market. .

The Bison brand will remain and Harald Hauser, previously head of purchasing at Palfinger will become managing director of Bison Palfinger GmbH, Heinrich Gollegger is to be appointed head of global product management.