Palfinger to take over INMAN
INMAN, headquartered in Ishimbay in the Republic of Bashkortostan has a staff of 415 and is expected to generate 20 million Euro in revenues for 2011. The company is a producer and distributor of hydraulic lifting and loading systems, in particular knuckle boom cranes, with 2 production facilities and strong links to the oil and gas industries and government sector. The takeover requires clearance by the Federal Anti-Monopoly Service, after a contract between INMAN and Palfinger was signed last week.
Palfinger has not indicated a price for the purchase of INMAN, but has expanded its sales organization in Russia since 2009. Palfinger CEO, Herbert Ortner says that INMAN will continue to operate as a distinct unit inside Palfinger, and that the purchase of INMAN provides the company with Russian based value creation as well as additional distribution, which is key to its Russian market expansion plans.
“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.”