September 28, 2010
- Gehl has formed a strategic alliance with Manitou. Two agreements, and the French company's purchase of nearly 15 percent of Gehl's common stock for $19.8 million, create a strong bond between Wisconsin and France.
Agreement 1: A manufacturing license and supply agreement allows Gehl to build two series of Manitou compact telehandlers (in Yankton, SD). They will be branded Gehl and sold through Gehl distribution.
Agreement 2: A reciprocal supply agreement allows each company to fill out its range of U.S.-distributed telehandlers using models manufactured by the other company. Both companies will distribute all available products through their own distribution channels and under their own brand names. The deal goes into effect at the start of 2005.
- JCB has formed a new Compact and Utility Equipment Division in North America that will focus on developing and growing its compact-equipment business. Bob Wright has been named vice president to direct the division. He was formerly JCB's vice president sales & distribution.
- Genstar Capital, a private equity investment firm, has acquired Woods Equipment. Fred F. Korndorf, a former executive of Deere & Co., has been appointed chairman and CEO of Woods.
- Manitowoc Crane Group signed an agreement with Shuttlelift, whereby Shuttlelift will supply a line of industrial cranes to Manitowoc, which will be sold under the Grove brand name. The companies expect to introduce seven crane models ranging in size from 8.5 to 20 U.S. tons, beginning in the third quarter of 2004. The machines will be sold by Manitowoc Crane Group around the world.
- Volvo Construction Equipment recently acquired the engine-remanufacturing assets of Echo Industries—the primary supplier of reman engines to Volvo CE in North America.
- Bendix has announced an agreement with Dana to create a North American joint venture focused on commercial vehicle foundation brake components and technologies. It will operate under the name Bendix Spicer Foundation Brake. The venture will make available a wide range of wheel-end brake products, including S-Cam, air disc brakes, slack adjusters and actuators, as well as a full selection of related aftermarket parts for medium and heavy-duty vehicles.