Staff | September 28, 2010
- Hitachi to Build in Russia
It appears Hitachi Construction Machinery is moving to join Japanese-based rival Komatsu Ltd. in the local manufacture of giant excavators and shovels for the burgeoning Russian market. Via a joint venture being formed with Moscow-based Techstroycontract Ltd., Hitachi will start making excavator and shovel parts in Russia this year, confirms Hitachi, which will retain a majority stake in the venture.
- Topcon Buys Sokkia
Topcon and Sokkia — both with corporate headquarters in Japan — combined effective Feb. 5. Topcon spent more than $194 million on about 32 million shares of Sokkia stock — about 94 percent of outstanding stock. Sokkia will become a wholly owned subsidiary of Topcon Corporation after all steps are completed.
- ASV Becomes Terex
Terex Corp. announced on Jan. 14, 2008, that it "had reached a definitive agreement to acquire A.S.V., Inc. through a tender offer followed by a merger." The transaction is valued at about $488 million, and it was completed on March 4, 2008. Headquartered in Grand Rapids, Minn., ASV manufactures compact rubber track loaders and undercarriage modules, the latter both in its own factories and in those of its subsidiary operation, Loegering Mfg.
According to Terex, Caterpillar will tender its stock and has given "strong assurances" that the Caterpillar/ASV agreement, under which ASV supplies track modules for certain of Caterpillar's Multi-Terrain Loader models, will not be affected. Approximately 55 percent of ASV's estimated 2007 revenue of $205 million was derived from sales of compact track loaders, while OEM sales (primarily to Caterpillar and Vermeer) accounted for 34 percent, and sales by its Loegering operation accounted for the remaining 11 percent.
- Husqvarna Acquires Soff-Cut
Husqvarna has acquired Soff-Cut International, based in Corona, Calif. In 2006, Soff-Cut reported sales of approximately $35.4 million.