ASV signs letter of intent to acquire Loegering Mfg.

ASV has signed a letter of intent to acquire the outstanding common stock of Loegering Manufacturing with a combination of cash and ASV stock. ASV said in a press release it anticipates completing the transaction in the third quarter of 2004. Gary Lemke, chief executive of ASV, said significant synergies between the two companies can be obtained in the areas of purchasing, manufacturing, marketing and distribution. ASV manufactures and sells rubber-track, all-purpose crawlers and related accessories and attachments. Loegering manufactures and sells over-the-tire steel and rubber tracks and attachments for skid steers. Loegering’s president, Brad Williams, will continue to oversee operations at the company’s Casselton, N.D., facility, which employs approximately 60 people. Lemke said ASV will provide additional marketing support for the VTS track system, which entirely replaces the wheels on a skid steer through a quick and easy conversion.