Manitowoc completes sale of boom truck business
Manitowoc announced Thursday it has completed the sale of Manitowoc Boom Trucks to Quantum Heavy Equipment. The Department of Justice required the sale in order for Manitowoc to acquire Grove Worldwide. The purchase price was not disclosed. Manitowoc Boom Trucks’ assets and liabilities were transferred to Quantum Heavy Equipment, which has the right to use the “Manitowoc Boom Trucks” brand name for up to three years. The transaction wraps up all matters related to the Grove acquisition, said Terry Growcock, chairman and chief executive of Manitowoc.
Investors buy aerial lift maker Snorkel
A group of investors purchased aerial lift manufacturer Snorkel from Textron last week. Elwood Holdings says it wants to rejuvenate the struggling company, which closed its Elwood, Kan., manufacturing plant in June. Allen Havlin, president of FluidTech, a Snorkel supplier, heads the investor group and will serve temporarily as chief executive. The company produces scissor lifts and telescopic booms. Snorkel also has manufacturing and sales operations in Australia and New Zealand.
Multiquip celebrates 30th anniversary
Multiquip, a supplier of light- and medium-sized construction equipment, is celebrating its 30th anniversary in 2003. Irv Levine, who retired in December, founded the company in 1973 in Long Beach, Calif., as the exclusive U.S. distributor for Mikasa compaction equipment. The company expanded into the pump and generator businesses in 1985 by forming MQ Power to distribute sound-attenuated portable generators. Multiquip acquired Whiteman in 1988, and three years later, Essick and Mayco. It purchased Engine & Equipment in 2000, STOW Construction Equipment and Sanders Saws in 2001 and Diamond Back Diamond Blades in May 2002. The company supplies soil and asphalt compaction equipment; concrete and masonry placing, finishing, and cutting products; portable power generation equipment; dewatering pumps; welders; and light towers.
Terex sells sales and service subsidiaries in Belgium and the Netherlands
Terex Demag has sold its sales and service subsidiaries in the Netherlands and Belgium to Kuiken, a long-time distributor for Terex PPM. Kuiken has two service centers in Belgium, five in Holland and nine in northern Germany. Kuiken sells and services agricultural, earthmoving, lifting and special application machinery.