ETI Has Become One PALFINGER — An Exciting Step Forward
2010 marked a great year of change and a beginning step forward for PALFINGER with the announcement of an acquisition of ETI. From the words of Herbert Ortner in a KNL article from that year, chief executive officer of PALFINGER AG, “We have known ETI for a long time and are excited that the company is becoming part of the PALFINGER Group. ETI allows us to realize our strategy of becoming a truly local player in one of our strategic core business segments. It was just an opportunity that we think by combining forces, that we have more to gain in the future on a combined platform than we do singularly.”
In 1989 Jim Miller quit his job with a vision to start his own company, Equipment Technologies, Inc. During this time, he developed the original ETA model lift, designed in three different sizes, 29-, 33- and 37-foot variations. The ETA line was released as a durable, inexpensive, and insulated lift with all standard features to meet prospective buyers' needs. A small group of investors, led by Jim Neuberger, acquired the budding company in 1992 and changed the name to Equipment Technology, LLC (ETI). His son, Chris, joined the endeavor to help develop the company's engineering, manufacturing, information technology, and finance divisions which we now know today.
ETI launched the following models through the 1990s to close the gap in the telecommunications and municipalities industries: ETT 30 IH, ETT 29 SNT, ETT 29 SNV, and ETC 37 IH. Similarly, they introduced the ETO line to provide further insulated options for the growing utility industry. There was an original focus on the Midwest Region where the company resided, but that quickly changed with the new sales manager, Glenn Smith, and the focus shifted to a nationwide target. During this time, ETI also decided to end relationships with other manufacturers to develop the ETI product lines shortly after they dissolved the original dealership and aligned everything under one name.
With the growth, ETI began to focus on larger key customers, Texas Utilities (now known as Oncor), Comcast, and Cox Communications, to name a few. In the next decade, with their growing need, four additional models specifically focused on increasing working height, weight handling, and cost-effectiveness were launched: ETC 35 SNT, ETO MH 40 IH, ETC MH 37 IH, and ETC MH 42 IH. They also pursued a vehicle "Upfit" offering – cable customers were the first target allowing the ability to develop custom can and truck upfits.
In 2007, ETI acquired a small crane manufacturer, Ideal Crane, specializing in 2000- to 6000-pound service cranes. Allowing for an expansion into the oil and gas industry and allowing for a new product launch to customers. In 2010, PALFINGER acquired ETI three years later, allowing PALFINGER to expand into the bucket truck/aerial lift industry and allowed ETI to expand into the < 50-foot working height market and increased distribution reach. There were no changes other than a logo update to include "A PALFINGER Company" in the design during this acquisition.
In the past 11 years, they launched seven additional models similar to years prior, focusing on increasing working height and weight handling. They also worked with Mercedes/Sprinter and Cox Communication, developing an aerial installation for the Sprinter van. Additionally, creating a fiber optic controlled, insulated van allowed for a compact design for inner-city work. So much growth has occurred, and with a foot in the export market, there is the ability to shop aerial units worldwide.
In June of this year, an exciting change took place. ETI officially became One PALFINGER and, from now on, will be rebranded as PALFINGER.
Looking to the Future
Since the acquisition in 2010, profits have grown. In the initial years following the acquisition, revenue growth increased, accounting for 32% of consolidated revenue (contributing to the areas outside of Europe), and 27% growth was associated with acquisitions made in 2011. During this time, revenue has grown from USD 262 million to USD 1884.2 million. This growth is only predicted to grow as half-yearly reports for 2021 already indicate a $2.1 billion revenue target for year-end. This rebranding presents an exciting future ahead – with the completed integration of ETI secures footing in the aerial lift industry for many years to come.
The PALFINGER bucket truck product line will focus on releasing new offerings and models to push the industry forward. The Work-Ready Truck program, which offers a significant advantage by concentrating on superior lead times vs. current market availability, will help lead these efforts. Additionally, offering a quick ship program that provides work-ready units with modifications to the standard offering increasing our reach. Through a very focused catalog of products designed to maximize operator efficiency while at the same time maintaining the highest level of efficiency, we will deliver a superior, innovative product and service to our customers.
Having already delivered the successful new model, PBO 5548 IM, which allows for ease of service, lower cost of ownership, enhanced safety features and performance, we are excited for the future and all of the great products we will be releasing soon.
ABOUT THE PALFINGER NORTH AMERICA REGION
Worldwide, PALFINGER is the technology leader, standing for the most innovative, reliable and efficient lifting, loading and handling solutions for commercial vehicles. In North America since 1989, our established product portfolio qualifies PALFINGER as a complete truck-equipment solution provider. Industry sectors rely on PALFINGER-built knuckle boom cranes, bucket trucks/aerial lifts, liftgates, truck-mounted forklifts, EPSILON timber & refuse loaders, service truck solutions and container handling solutions.
The main guiding principle of PALFINGER is to make our customers more successful with the help of our advanced machines, market experience, technical skills, committed employees and our passion for innovation. Always close to the customer, more than 800 sales and service centers are conveniently located across North America to provide PALFINGER users with the support and dedication that they deserve.