Hubert Palfinger & family was born in Austria. A steady rise in the share price of Palfinger AG, an international leader in innovative hydraulic lifting systems, has landed Hubert Palfinger on the Forbes World Billionaires list. The company's origins date to 1932, when Hubert's father Richard established a metalworking and repairs workshop for agricultural trailers, tippers and vehicle bodies. Beginning in the 1960s, eldest son Hubert led the business into a new era by specializing in hydraulic, truck-mounted loading cranes. He took the company public in June 1999 and, after overseeing a successful expansion into international markets, retired as head of supervisory board in 2003. A strong foothold in North America, South America and republics formerly in the Soviet Union, as well as inroads in the marine segment, has helped the company weather a difficult environment in Western Europe. Profit in 2012 hit $62 million (Eu 45.5 million), 4% less than the previous year, on revenue of $1.3 billion (Eu 935.2), up 10.6%. Hubert's eldest son, also named Hubert, will take over as chairman of the supervisory board in 2014.