PRESS RELEASE HOLLAND LIFT INTERNATIONAL B.V.

Hoorn, the Netherlands

23 August 2023

Holland Lift International B.V. will cease its activities

After careful consideration, Holland Lift International B.V. and its shareholder, have resolved to terminate the activities and to proceed with the liquidation of the company.

Holland Lift International B.V., known for its high-quality aerial work platforms, has been facing several challenges in the past few years, among which substantial increase of steel prices and overall increasing costs, severe supply chain issues due to Covid and the war in the Ukraine and a fierce competition of low price newcomers. Despite a staff reorganization (2021) and heavy investments, which resulted in the launch of new designs and products and other measures taken, it proved not feasible to ensure long term viability for the company.

Holland Lift International B.V. employs around 70 employees in the Netherlands and Germany (Servi-Tec GmbH).

About Holland Lift International B.V.

Holland Lift International B.V., established in 1984 and headquartered in Hoorn, the Netherlands, is a manufacturer of scissor lifts.