Business Roundup: Terex’s streamlined strategy; Peterson Manufacturing adds sales agencies; IronDirect enters reman market; Ritchie Bros. breaks Texas records; 2017 Contractor of the Year

Terex CEO lays out streamlined company’s new strategy

After years of acquisitions and divestitures, Terex Corp. has narrowed its focus to three key markets and is setting the course for growth in the specific niches in which it will continue to play. “It has been a very dynamic and exciting time for Terex,” noted John Garrison, president and CEO, during a ConExpo 2017 media event.

As its leadership team—comprised of a mix of veterans and new leaders—focuses transforming Terex for the future, it will focus on three strategic priorities: focus, simplify, and execute to win, Garrison says.

The first strategic priority, focus, has been highlighted by the company’s decisions on which markets to exit versus grow. Moving forward, Garrison says Terex will focus its portfolio on businesses that can out-earn their cost to capital throughout the cycle. Those market areas are aerial work platforms, cranes, and materials processing.

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Peterson Manufacturing adds 3 sales agencies to replace one for better territory service

Peterson Manufacturing, which engineers and manufactures vehicle safety lighting products, has added Bill Murray & Associates (BMA), Hirsig-Frazier Company and John Rice of NorthPro as sales agencies to provide better service in certain territories.

“These new partners bring larger staffs with decades of heavy duty channel expertise to our sales force,” says Steve Meagher, vice president of sales. “They replace a single agency that previously covered all of these territories. We’re confident that having these professionals will greatly enhance our territory management, customer service and prospecting.”

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IronDirect launches truck remanufacturing service with Vehicle Reman partnership

IronDirect, the online seller primarily known as a sales platform for Chinese-made heavy equipment, has partnered with Tyler, Texas-based Vehicle Reman, which you can read more about here, to create IronDirect Reman Trucks. The service, announced at the 2017 ConExpo in Las Vegas, will offer a quick turnaround time (as fast as 48 hours) on pickups and work trucks with a cost estimated on average as being about half of a new truck with similar features.

These vehicles, the company reports, will have a three-year, 75,000 mile drivetrain warranty.

“Up until now, remanufacturing of vehicles has kind of been like the Old West, untamed but full of potential,” says Greig Latham, managing director of Vehicle Reman. “With our process, we have a predictable method for fleets to harness the fullest value of their trucks and cars. It’s a carefully designed system that allows us to remanufacture a pickup in as little as 48 hours.”

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Ritchie Bros. breaks record at Fort Worth auction with more than $75 million in sales

Ritchie Bros. reports its Fort Worth, Texas, auction March 15-16 broke records for the location in sales, number of bidders, sellers and lots.

The company reports sales of more than $75 million, 5,675 online and in-person bidders, and more than 6,250 pieces of equipment and trucks sold. Ninety-two percent of the purchase value ($69 million) went to U.S. buyers, with $33 million sold to Texas buyers alone.

Ritchie Bros. broke the site record for number of sellers at more than 690. Inventory included more than 600 vocational trucks, 100 hydraulic excavators and 670 trailers.

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South Carolina’s Chipley Company named 2017 Contractor of the Year

Roy Chipley, owner of the Chipley Company in Florence, South Carolina, was named Equipment World’s 2017 Contractor of the Year at ceremonies in Las Vegas on Saturday.

In 1995, Chipley walked away from from a successful career with Lockheed Martin—where he worked on space shuttle missions with NASA and later asset deployment with the Defense Department—to take over the construction business his father started in the 1960s.

Upon his return home Chipley found that his father, Roy Jr., had paired the business down drastically and was skeptical as to whether the company could be revived with new work. Since then, Chipley has transformed the company into a full-service site contractor that self-performs just about everything and brings in $8.5 million each year.

Read the full story here.