On-road load handling equipment provider Hiab, a part of Cargotec, is investing about Euro 2m in its product development and test center in Hudiksvall, Sweden.
The latest investment will help Hiab further broaden and deepen its capabilities to develop and test technologies, materials and concepts as well as components and products.
Speaking about the development, Hiab Products executive vice president Gert Larsson said, "Product development is one of our focus areas and the decision to invest in it is strategically important in order to guarantee our future technological competitiveness."
The product development and test centre will support technical development across several product lines, in addition to contributing to the growth of the company's global network of product development units with testing and verification.
It will also manage the collaboration with external partners.
The enhanced product development and test centre is expected to be completed during 2015.
Currently, Hiab has product development units in China, Finland, Ireland, Poland, South Korea, Spain, Sweden, the UK and the US.