The Austria-based Palfinger Group is planning to complete a 100% acquisition of Herkules Harding Holding, including its subsidiary, Harding Group, a supplier of lifesaving equipment and lifecycle services for maritime installations and ships.

The signing of the acquisition will take place in the coming weeks, subject to the outcome of audit and final negotiations by the concerned authorities, and will be monitored by the supervisory board and management board of Palfinger.

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Headquartered in Norway, Harding operates across 16 countries, offering lifecycle services featuring products such as lifeboats, rescue boats and davits, which account for half of its revenue. It also serves clients from oil and drilling companies, as well as shipyards for deep-sea vessels, tankers, container ships, and passenger ships.

"The acquisition is projected to augment Palfinger’s €300m capital asset by more than 20%."

Currently the company operates under Harding Group, which was created in 2013 after Herkules Capital acquired Schat-Harding and Noreq. Following the merger, the company generated revenues of around €140m last year.

Termed as Palfinger Group’s largest acquisition, it will add another international network for the company’s marine business.

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The acquisition is projected to augment Palfinger’s €300m capital asset by more than 20%, while boosting its marine business.

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Palfinger CEO Herbert Ortner said: "Both the portfolio and the service network offer numerous synergies and there is hardly any overlapping.

"Together, we will become the market leader in lifesaving equipment. Due to the excellent structure of Harding’s service business, Palfinger Marine will be less dependent on the oil price and investment propensity of the oil industry."