Dec 24, 2013. /Lesprom Network/. Palfinger Group has signed an agreement to acquire 60% stake in Pod'emnye Mashiny (Velikiye Luki, Pskov region, Russia) by Palfinger CIS GmbH and 20% interest by Steindl Forsttechnik GmbH. This deal will be the stage of integration of Pod'emnye Mashiny to international group Palfinger, as the company said in the press release received by Lesprom Network.

Pod'emnye Mashiny is the largest Russian manufacturer of cranes for the timber industry and the recycling. The company's turnover is more than Euro 50 million and it has 1,400 employees.

"For Palfinger and Steindl family acquisition of the holding company Pod'emnye Mashiny means a significant expansion of our activities in Russia,” said Herbert Ortner, Chairman of the Board of Palfinger. “Together, we can offer our customers wide range of products and better service, in the field of cranes for the timber industry and the recycling."

Palfinger and Steindl Forsttechnik GmbH jointly will hold 80% stake in the holding company Pod'emnye Mashiny. The value of the transaction will not be disclosed.