The Palfinger Group is acquiring Harding Group adding lifeboats and live saving equipment to its marine portfolio.

Palfinger signed an agreement on Monday to acquire 100% of Herkules Harding Holding from Norwegian private equity fund Herkules. The acquisition price was not revealed, and the deal is expected to close in the next few weeks after expected regulatory approvals.

“In our product portfolio we were missing the lifeboats and were looking for improvements in our service network. In our business, the need for professional services and trainings will be a key success factor in the future,” commented Karl Oberreiter, md of Palfinger.

Styrk Bekkenes, ceo of Harding said: “Our combined range of products and services will be unique in today’s marine industry. We will stand stronger together and see huge advantages for both the equipment and service side of our business.”

The acquisition of Harding will almost double Palfinger’s marine business to over EUR300m a year and 20% of its overall revenues. Harding will 800 employees to Palfinger Marine bringing its total staff to 1,800.

The deal is also seen as reducing Palfinger Marine’s dependence on the oil price.

“Experiencing a certain dependency from the oil price drop, we are actively working on our strategy and taking other segment more into our focus. We profit from a strong offshore wind market, where we are one of the market leaders in nacelle, platform and substation cranes,” said Oberreiter.