US-based lifting and rigging accessories manufacturer Crosby has completed the acquisition of offshore mooring company Feubo.
The purchase includes the Feubo facility located in Hattingen, Germany that will become Crosby’s center of excellence for mooring components, as well as a key engineering and innovation center, Crosby said Tuesday.
Crosby did not share the financial details of the acquisition. Oliver Feuerstein, CEO of Germany-based Feubo, will continue to lead the Feubo team and operation.
Robert Desel, CEO of Crosby, said: “We are thrilled to expand our offshore product portfolio and end-market reach with this acquisition.
He said that Feubo’s position as a leader and innovator in mooring components, and the opportunity to leverage its world-class engineering and innovation competency, made it a compelling addition to Crosby.
Feuerstein added: “This is an exciting new chapter for Feubo, its employees, and customers. With Crosby’s global presence we can increase our reach and increase the pace of innovation. We look forward to joining the Crosby team, who share the same values as us—safety, reliability and innovation.”