CARGOTEC CORPORATION, PRESS RELEASE, 16 DECEMBER 2024 AT 3:00 PM EET

Hiab enters into a strategic HIAB dealer agreement with Ring Power Utility | Truck | Crane in the US

Hiab, part of Cargotec, has signed a strategic HIAB loader cranes dealer agreement with Ring Power Utility | Truck | Crane in the US. The agreement comprises HIAB loader cranes, as well as services.

Founded in 2008, Ring Power Utility | Truck | Crane has grown into a leader in utility equipment, vocational trucks, and cranes, offering top-tier products from world-class brands and delivering innovative solutions, exceptional service, and lasting value through 11 U.S. locations.

The addition of HIAB equipment to Ring Power Utility | Truck | Crane's portfolio marks a significant milestone for both companies. "This partnership represents an exciting new chapter," says Mike Beauregard, SVP, Director of Utility | Truck | Crane. "By combining HIAB's industry-leading products with our strong salesforce, established network, and unwavering commitment to customer satisfaction, we're confident in a bright future together."

Hiab loader cranes are known and respected in the US for their high quality, reliability and industry's best-in-class safety features. Hiab has an unparalleled service network that provides over 700 service points across the country.

"Hiab is looking for future growth, and an important part of that is to further expand our leading position in the growing North American markets. The cooperation that we now embark on with Ring Power Utility | Truck | Crane will greatly support our ambitions in this," says Pauliina Kunvik, SVP Sales & Services, Hiab USA. "Ring Power Utility | Truck | Crane is strategically very well positioned in the US and their sales and services organisations are well-known for their enthusiasm and expertise."

"The geographical coverage of Ring Power Utility | Truck | Crane is excellent and from Hiab growth point of view very attractive. Both teams Ring Power and Hiab show a 100 percent commitment to the cooperation, and are excited to head towards joint growth together," says Bob Cannady, VP Sales, Hiab US.

For further information, please contact:

Pauliina Kunvik, SVP Sales & Services, Hiab USA, pauliina.kunvik(at)hiab.com, tel. +1 419 654 9844

Hiab Communications: hiab.communications(at)hiab.com

About Hiab

Hiab is a leading provider of smart and sustainable load handling solutions. We are committed to delivering the best customer experience every day with the most engaged people and partners. Hiab's premium equipment includes HIAB, EFFER and ARGOS loader cranes, MOFFETT and PRINCETON truck mounted forklifts, LOGLIFT forestry cranes, JONSERED recycling cranes, MULTILIFT skiploaders and hooklifts, GALFAB roll-off cable hoists, tail lifts under the ZEPRO, DEL and WALTCO brands, and HIPERFORM, a suite of smart solutions. As the industry pioneer, Hiab continues to make load handling smarter, safer and more sustainable to build a better tomorrow.

Hiab is part of Cargotec Corporation. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2023 totalled approximately EUR 2.5 billion and it employs over 6,000 people.