Hiab, part of Cargotec, has entered into an agreement to acquire the loader crane business of one of Brazil's leading loader crane manufacturers Argos Guindastes Indústria e Comércio Ltda. The acquisition is expected to take place during the third quarter 2017. The parties have agreed not to disclose the transaction value.

With this acquisition, Hiab will underpin its leadership ambition by making a strong entrance to the Brazilian market and establishing a solid foundation for its business in the whole region.

Argos is a privately owned company that has grown substantially since its establishment in 2002 to become one of the leading players in the loader crane industry in Brazil. The company has a manufacturing facility in Santo Antonio da Patrulha, and an extensive distribution network across Brazil and Latin America. The net sales of Argos were less than EUR 10 million in 2016. Hiab will employ approximately 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," says Roland Sundén, President, Hiab.

"Historically, Argos is one of the largest players and providers of industry leading equipment in the Brazilian crane market. This along the complementary product portfolio of Argos and Hiab, large installed base, strong distribution network, as well as the well-known Argos brand will provide us great business opportunities in the future," concludes Joakim Andersson, Senior Vice President, Cranes, Hiab.