CARGOTEC CORPORATION, PRESS RELEASE, 29 JUNE 2016 AT 11 AM EEST
Hiab, part of Cargotec, and Multico have signed an agreement for Multico to become the importer for Hiab Sales and Services in Singapore and Malaysia. Multico, based in Singapore, is also represented in several other countries in South East Asia. Both parties have agreed not to disclose the value of the transaction.
Multico has a demonstrated expertise in sales and service since first opening in 1973. Multico is also the partner of a number of major global brands. With this proven capability and service footprint this partnership will result in Hiab's rightful place as market leader. Multico is seen as a natural fit to Hiab's South East Asia operations with their strong track record and ability to grow and develop key market segments.
Sebastian Poccard, Hiab's Senior Vice President Sales & Services said: "The strategic decision to partner with Multico in Malaysia and Singapore means we are able to strengthen our leadership position and customer service in a key market. Multico is a very well respected business in South East Asia with a proven record of success. I am confident they are the right partner to take the Hiab to the next level."
Mr KK Gay, General Manager Multico and Mr Marcus Ngo, Product Manager Multico both commented: "Multico's focus is in the distribution of industrial equipment, evidenced through our strong partnerships with major brands such as Tadano mobile crane and Bobcat. Over the years, Multico has developed networks covering different countries and sectors of the markets. We believe in Hiab's reputation and there is great potential for growth. Our vision is to build a long term partnership with our valued customers. Multico is proud to be the Hiab distributor in the Singapore & Malaysia market."
The transaction will follow on 1 July 2016.
For more information, please contact:
Sebastian Poccard, Senior Vice President, Sales & Services, Hiab; tel. +44 79313 68338 firstname.lastname@example.org
Hanna-Kaisa Talvensaari, Senior Communications Manager, Hiab; tel. +358 40 758 1572,
Hiab is the world's leading provider of on-road load handling equipment. Customer satisfaction is the first priority for us. Around 2,800 professionals at Hiab work to provide high-performance products and services that meet customer needs globally. Our 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. www.hiab.com
Hiab is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2015 totalled approximately EUR 3.7 billion and it employs almost 11,000 people. www.cargotec.com