DaimlerChrysler to buy stakes in Mitsubishi and Hyundai
DaimlerChrysler will buy a 43-percent stake in Mitsubishi’s Fuso truck and bus operations for $749.7 million and a 50-percent stake in Hyundai’s commercial vehicles business for $690.5 million. DaimlerChrysler already owns 37.3 percent of Mitsubishi Motors and 10 percent of Hyundai Motor.
Terex completes Genie acquisition
Terex announced Thursday it has closed its $75 million acquisition of aerial work platform manufacturer Genie Holdings. Terex said it paid $10.1 million in cash and $64.9 million in stock. The company said it would refinance $175 million of Genie’s debt.
Attachment maker moving manufacturing operations to Canada
Weldco-Beales Manufacturing, a heavy-equipment attachment maker, has announced it will move its Tacoma, Wash., manufacturing operations to Canada. The company cited the difference in the exchange rate between American and Canadian dollars as a reason for the move. Weldco-Beales has manufacturing facilities in Vancouver, British Columbia, and Edmonton, Alberta.
Truck component manufacturer to close plant
The Holland Group, a maker of heavy transportation equipment components, will cease manufacturing operations at its tractor parts plant in Denmark, S.C. The move is a result of the downturn in the heavy truck market, the company said. The Denmark facility opened in 1964 as Holland Atlantic Hitch Company. The primary product produced at the plant is fifth wheels for tractors.
PEOPLE ON THE MOVE
After completing its acquisition of aerial work platform maker Genie last week, Terex has named Bob Wilkerson, Genie’s president, to serve as president of Terex Aerial Work Platforms.
Terex has named Phillip Widman chief financial officer. He replaces Joseph Apuzzo, who was named president of Terex Financial Services. Widman had been chief financial officer at Phillip Services Corp., a recycling and waste management company.
Robert Hale, president of Joy Global’s surface mining equipment division, P& H Mining Equipment, said he will retire from the company Nov. 1. Hale, 55, is also executive vice president of Milwaukee-based Joy Global. The company has not named a replacement. Hale joined Joy Global’s predecessor company in 1988 as vice president of its material handling equipment division.
Stahl, a manufacturer of truck equipment, has named John Slawson vice president of marketing and sales. He will be responsible for the marketing and sales of all Stahl and Arbortech truck equipment products. Slawson previously held the positions of vice president of sales and general manager at Swenson Spreaders in Chicago.