Equipment Type

UpRight Parent to Buy Snorkel

The Tanfield Group, British parent company to UpRight, is preparing to acquire Snorkel with the proceeds of a planned placement of £115 million (about U.S.$230 million). Tanfield will pay $100 million for Snorkel and assume approximately $25 million of the company's debt. Tanfield bought UpRight last year and has doubled its revenues.

August 01, 2007

The Tanfield Group, British parent company to UpRight, is preparing to acquire Snorkel with the proceeds of a planned placement of £115 million (about U.S.$230 million). Tanfield will pay $100 million for Snorkel and assume approximately $25 million of the company's debt. Tanfield bought UpRight last year and has doubled its revenues.

"This is a transformational acquisition for Tanfield," says Darren Kell, Chief Executive of Tanfield. "The addition of manufacturing capability in the USA and Australasia, plus established sales networks in these territories, will create a Powered Access division with comprehensive global coverage."

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