MARKETS OUTLOOK: TRENDS AND EVENTS IMPACTING THE RENTAL INDUSTRY
Caterpillar announces in the autumn 2015 decisive actions to address revenue shortfall. The company said the changes reflect recent, current and expected market conditions in key regions and industry sectors, namely mining and energy. It said also that this would be the first time that the company’s revenues would have decreased in four consecutive years. This “significant” restructuring programme was aimed at saving around $1.5 billion a year.
Manitou Group has officially opened a new subsidiary, Manitou Middle East, based in Dubai. The offices are located at JAFZA, Jebel Ali Free Zone, and will provide all technical and commercial functions, including training, in house.
UK-based manufacturer Blount has agreed to be acquired by an investment consortium in a US$855 million (€787 million) deal. Blount, which owns the ICS chainsaw brand among others, has been bought by American Securities and P2 Capital Partners.
Federal Signal Corporation has sold its fire service and industrial truck mounted platform business Bronto Skylift to Japan’s Morita Holdings Corp. Morita will pay €80 million for the company. Finland-based Bronto is the only remaining operation in the US-based Federal Signal’s Fire Rescue Group and on completion of the transaction, the Fire Rescue Group should be closed.
Sweden-based Atlas Copco has agreed to acquire Varisco, an Italian pump manufacturer with a global sales network. Varisco is based in Padua near Venice, Italy, and had revenues of €30 million in 2014.
Chinese aerial work platform manufacturer Zhejiang Dingli Machinery CO. (Dingli) has spent €14.4 million to purchase a 20% share in Italian telehandler manufacturer Magni. Dingli has also been appointed as Magni’s exclusive importer and distributor for all Magni products in China.
Manitou group has opened a new facility in Malaysia. Manitou has been present in Malaysia for 20 years and wants to double the capacity of its operations in the country within three years. It wants to triple the number of telescopic handlers, reaching a 50% market share in this segment.
Zoomlion has abandoned its plans to acquire US crane and construction equipment manufacturer Terex Corporation. The previously announced acquisition of the Terex port crane business by Konecranes can now proceed. The US$1.3 billion (€1.15 billion) deal for the Terex Material Handling and port Solutions (MHPS) is expected to close in January 2017.