Magni Telescopic Handlers has bought back the 20% stake in its business acquired by Chinese OEM Dingli in 2016. Magni paid 鈧�61.4 million to return to 100% ownership, having sold the stake to Dingli for 鈧�14.4 million in early 2016.

The transaction was announced by Dingli several weeks ago and confirmed last week by Riccardo Magni in an interview with , the daily newsletter published by International Rental News.

Riccardo Magni, president and founder of Magni Telescopic Handlers.

Under the 2016 deal, Magni designed a range of products for Dingli and also sold Dingli-produced machines in Europe. The two companies will continue their sales and technical cooperation under the new ownership structure.

Magni, who founded the company in 2013, told Rental Briefing; 鈥淲e still have a very good relationship with Dingli. It is a family company, like ours. I asked [Dingli鈥檚 owner] Mr Xu to sell me back my 20%. It took one year to discuss everything and he made a very good deal, because now I鈥檓 paying 鈧�61 million for what he paid 鈧�15 million.

鈥淲e have had a very good collaboration. In Europe, we are selling a very good volume. We are over 鈧�100 million in sales of the Dingli machine.鈥�

Magni added that the EU anti-dumping investigation into Chinese access equipment exports to Europe had played a part in the decision.

Mr Xu Shugen founded aerial platform and material handling manufacturer Zhejiang Dingli Machinery Co in 1997.

Dingli, in its Chinese language announcement, said; 鈥淎fter the completion of this equity transfer, the company鈥檚 retained earnings will increase, benefiting all shareholders and the company.

鈥淔ollowing the transaction, Zhejiang Dingli and Magni will continue to maintain a good cooperative relationship in product sales, market development, technical cooperation, and other aspects.鈥�

Read the full interview with Riccardo Magni later this week at and in Rental Briefing.