Hydrauliska Industri AB

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Hydrauliska Industri AB (Hiab) is a Finnish manufacturer of loader cranes, demountable containers, forestry cranes, truck-mounted forklifts and tail lifts. In some countries, 'HIAB' (pronounced high'-ab) is used as a synonym for a loader crane of any make. The company is owned by the Cargotec Corporation.

[edit] History

The roots of today's Hiab Company lie in the 1970s, when Partek Corporation embarked on a comprehensive diversification and internationalisation strategy. Founded in 1898, Partek Corporation was one of the oldest industrial companies in Finland, originally producing limestone and later a versatile range of materials for the construction industry. In 1977, Partek decided to expand into the engineering industry and thereby decrease its dependence on domestic construction.

During the late 1990s, Partek strategically restructured itself into an engineering company, fully divesting its construction materials business and making several acquisitions in the load handling equipment business.

The core of Partek's engineering business is what makes up the Hiab Company of today. MULTILIFT, acquired by Partek in 1977, was among the first equipment manufacturers in the corporation, and HIAB loader cranes were acquired in 1985.

The load handling side of Partek's business was expanded in 2000 with the acquisition of the Zeteco Group (including among others ZEPRO and WALTCO tail lifts). During the same year the truck-mounted forklift business was acquired bringing today's MOFFETT and PRINCETON PIGGY BACK brands into the company.

KONE Corporation acquired Partek in 2002. In 2004 the load handling business area was renamed after its most valuable product brand, HIAB. June 1 2005 KONE Corporation demerged into new KONE and Cargotec Corporation (listed in Helsinki Stock Exchange). Cargotec consists of Hiab load handling, Kalmar container handling and MacGREGOR marine cargo handling solutions.