The Palfinger Group has acquired an 80 percent stake in Equipment Technology (ETI), an Oklahoma-based company that produces and distributes aerial lifts.

According to Palfinger, the move allows the company to enter the North American aerial lift segment for the first time with local products.

The majority share of ETI was previously family-owned, but after the Palfinger investment, the existing owners will continue to run the company and ETI will have the status of a largely independent business unit within the Palfinger area North America.

The aerial lift business accounts for the majority of the revenues generated by ETI, which also manufactures service cranes. The products are distributed via direct sales forces and supported by a nationwide network of independent service outlets and ETI field service employees.