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Hiab to acquire loader crane business of Argos to enter Brazil market
HIAB, part of Cargotec, has signed an agreement to acquire the loader crane business of a leading loader crane manufacturer in Brazil, Argos Guindastes Industria e Comercio Ltda, for an undisclosed purchase price.
With this acquisition that is expected to take place in the third quarter, Hiab will enter the Brazilian market and establish a solid foundation for its business in the whole region.
Established in 2002, Argos is a privately-owned company that has a manufacturing facility in Santo Antonio da Patrulha, and an extensive distribution network across Brazil and Latin America. The net sales of Argos stood at EUR10 million (US$11.84 million) in 2016. Hiab said in a statement that it will employ 60 persons in Brazil.
"Brazil is one of the world's largest markets for loader cranes. A presence in Brazil is important in order to become the leading player in the global load handling industry. The acquisition of Argos is another concrete step in line with our strategy to grow and become the number one player in load handling worldwide," said Hiab president Roland Sunden.
With this acquisition that is expected to take place in the third quarter, Hiab will enter the Brazilian market and establish a solid foundation for its business in the whole region.
Established in 2002, Argos is a privately-owned company that has a manufacturing facility in Santo Antonio da Patrulha, and an extensive distribution network across Brazil and Latin America. The net sales of Argos stood at EUR10 million (US$11.84 million) in 2016. Hiab said in a statement that it will employ 60 persons in Brazil.
"Brazil is one of the world's largest markets for loader cranes. A presence in Brazil is important in order to become the leading player in the global load handling industry. The acquisition of Argos is another concrete step in line with our strategy to grow and become the number one player in load handling worldwide," said Hiab president Roland Sunden.
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