Hiab, the business area providing load handling solutions within Cargotec has concluded an agreement to acquire the majority of the operations of South African Bowman Cranes (Pty) Ltd, Hiab's long term agent in the region. The deal is subject to the approval of Competition Commission and other relevant authorities of South Africa.
Hiab will together with the current main owner Phakisa Fleet Solution (Pty) Ltd form a joint venture under the name of Hiab (Pty) Ltd.
Bowman Cranes is the market leader in truck related load handling in South Africa. The company supplies, installs and services truck related load handling equipment. Its turnover in 2007 was approx. EUR 18 million and it employs 70 people.
The acquisition strengthens Hiab's position in a growing market in South Africa.