Oshkosh Purchases Iowa Mold ToolingCED Magazine September 2006
Article Date: 09-01-2006
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Oshkosh Truck Corp. has announced plans to acquire Iowa Mold Tooling (IMT) in an all-cash deal valued at $131 million.
The merger will provide entry into two adjacent market spaces for Oshkosh, significantly strengthen Oshkosh's North American distribution channel and provide new technology integration opportunities for other Oshkosh businesses.
"This is a great opportunity all-around for IMT," says Steve Fairbanks, president of IMT. "We're delighted to become a part of such an esteemed organization. Oshkosh has recognized IMT's brand equity and leadership, and this is a solid affiliation with a true truck equipment parent.
"We have worked very hard to be a leading brand in the industry, and we believe one of the few things that could be done to leverage and enhance that brand image is affiliation with such a respected company."
IMT manufactures field service vehicles, including mechanics trucks, lubrication trucks and tire service trucks. The company also produces truck-mounted telescopic cranes, articulating cranes and wallboard loaders.
"IMT has built leadership positions in market share, technology, distribution and brand recognition within the service vehicle and truck-mounted crane markets," says Robert G. Bohn, Oshkosh chairman, president and CEO. "The company provides an opportunity for further expansion within the construction, mining and tire service markets.
"The opportunity to increase our product and service offering to construction customers and to enter new specialty markets with industry-leading products was an appealing aspect of this acquisition."
Oshkosh manufactures specialty commercial, fire and emergency, and military trucks, and truck bodies, including Pierce fire trucks, McNeilus concrete mixers, Jerr-Dan wreckers and London concrete mixers, with sales of about $3 billion in fiscal 2005.
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