Cargotec's Hiab to sell its Sweden-based paint shop to IBE Spectrum AB
Hiab, part of Cargotec, has signed an agreement to sell its paint shop operation in Hudiksvall, Sweden to IBE Spectrum AB. The transaction is expected to come into force on 5 May 2014, Cargotec said in a press release.
The current number of employees at the paint shop is approximately 15 people, who have been offered continued employment with IBE Spectrum AB. IBE Spectrum will continue operations at the existing Hiab facilities in Hudiksvall. The parties have agreed not to disclose financial details of the transaction.
"We are very pleased to announce that we can contribute to a solution that allows us to maintain both jobs and top competence here in Hudiksvall. We came to the conclusion that an external solution would be the best option to develop this business in the long term. At the same time IBE Spectrum AB meets our high requirements we place on our suppliers and therefore we intend to enter into a supply and cooperation agreement with IBE Spectrum," says Tomas Blomberg, Director of Hiab's multi-assembly unit (MAU) in Hudiksvall.
"IBE Spectrum has grown its business over the past years and the acquisition of Hiab's paint shop is fully in line with the company's ambition to expand its operations. This acquisition is a significant addition to our existing operations and we are eager to start up," says Per Iversen, Managing Director of IBE Spectrum AB.
As communicated in February, Hiab is restructuring its operations in Hudiksvall. The focus of the current unit will shift from manufacturing to developing new products and testing products, as well as after sales and spare parts support. According to the plan, the assembly operations in Hudiksvall will cease gradually by the first quarter of 2015. The cooperation negotiations with affected employees are ongoing.
Part of Cargotec Hiab is the world's leading provider of on-road load handling equipment with nearly 2,800 employees. The Company's product range includes HIAB loader cranes, JONSERED recycling and forestry cranes, LOGLIFT forestry cranes, MOFFETT truck-mounted forklifts and MULTILIFT demountables, as well as DEL, WALTCO and ZEPRO tail lifts.
Cargotec formed in 2005 is a Finnish manufacturer of cargo-handling machinery for ships, ports, terminals and local distribution. The Group employs about 11, 000 people and has presence in 600 locations in 120 countries.
