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Hydralift acquires equipment group

Norway's Hydralift ASA acquired AS Stalprodukter, a manufacturer of offshore cranes, hose stations, winches and other equipment. Stalprodukter's production operations will be split out prior to Hydralift's acquisition and continued under the direction of the company's present owners. Stalprodukter has an order backlog of about $18 million plus options for additional work. Hydralift will pay about $10.5 million for the business of AS Stalprodukter after splitting out the mechanical operations. Both companies produce offshore cranes. Hydralift said it would be the leading supplier of offshore cranes following the acquisition. Completion of the deal is contingent on a successful technical, legal and financial review of AS Stalprodukter, which is expected to be conducted by the end of April 2001.