Kinshofer GmbH from Germany and the Italy based company Cangini Benne Srl. announced that they have signed an agreement to merge. Under the terms of the agreement, Kinshofer has acquired a majority shareholding of Cangini.
For over 50 years, Kinshofer has been a leading manufacturer of attachments for truck-mounted cranes, excavators and skid steer loaders, consistently developing its product range in both, the crane and excavator markets to become a competent and reliable partner for OEM’s and OED’s.
Previous acquisitions of Liftall Inc. (Canada), Demarec B.V. (Holland), RF System AB (Sweden), Auger Torque Group (U.K./Australia/ China), Solesbee´s LLC (U.S.A.), the Doherty Group (New Zealand/ Australia) and Hammer Srl. (Italy) were other important milestones of this development.
The acquisition of Cangini is significant for Kinshofer in two ways; first, it adds additional product segments, to Kinshofer’s already very comprehensive offering. And secondly, it improves Kinshofer’s distribution channel in markets Cangini is very strong.
But not only that, Kinshofer has now further enhanced local manufacturing in Italy, with its Sarsina and Cesena based fully vertically integrated and very advanced manufacturing facilities, customers will be served much quicker and with a much larger product range. With this move, Kinshofer further demonstrates its commitment to being a global leader in attachments to the crane and excavator industry. Cangini, a 1980 established family business, puts its focus on the development and marketing of attachments for excavators and front loaders, to make carriers more effective and versatile, particularly important for small and mid-size contracting businesses seeking high utilization of their machinery.
Cangini’s industry knowledge is based on Giorgio and Davide Cangini’s experience. With an extremely committed and well-educated workforce, Cangini will continue to develop and sell its products globally.
In order to meet the current market requirements, Cangini and Kinshofer will recruit more staff to ensure a swift and professional market launch of the companies’ products within either sales organization.
Thomas Friedrich, President & CEO of Kinshofer Group, said:
“Kinshofer continues its strategy to provide the industry with a “One-Stop-Shop” solution of outstandingly engineered products to increase efficiency and, more importantly, profitability of its customers. The acquisition of Cangini was the next step in our approach to be a global industry leader with solid local presence”.
While Giorgio Cangini, who was the main owner and CEO of Cangini will dedicate his time to new exciting ventures, his brother Davide Cangini, will remain Co-Owner and COO of Cangini. He commented:
“The concentration of knowledge and competence will form a powerful centre for future developments customers can only benefit from. In particular, the combination of both product ranges will create more ground-breaking innovations for the industry. The whole Cangini team, which will stay on in its entirety, is very excited to be part of this mutual future.”
Kinshofer’s and Cangini´s employees are working on the rapid integration to provide customers worldwide with their comprehensive range of products and services.