The Palfinger Group is acquiring an 80-percent stake in ETI (Equipment Technology LLC), an Oklahoma-based company that primarily produces and distributes truck-mounted aerial lifts and service cranes. ETI generated revenues of about $45 million in 2009.
The current owners will continue to run ETI.
“We have known ETI for a long time and are excited that the company is becoming a part of the Palfinger Group,” said Herbert Ortner, CEO of Palfinger AG.
Palfinger is based in Salzburg, Austria, and is a manufacturer of hydraulic lifting, loading, and handling systems. The acquisition of ETI enables the group to enter the North American aerial market. The company is a global player in hydraulic knuckle-boom cranes.
Palfinger’s North American headquarters are in Niagara Falls, Ontario, Canada.