A Lowry big lift.

By US correspondent Roger Renstrom

Rapid growth has pushed Lowry Industrial Lift-Trucks Ltd, of Georgetown, into financial receivership under provisions of Canadian law.

"The business is flourishing, and we are sold out until January," president Bill Lowry told Forkliftaction.com News. "Unfortunately, the growth has overextended my personal ability to finance the operation."

For the fiscal year ending September 30, Lowry Industrial's unit manufacturing volume was expected to more than double compared to fiscal 2005, Lowry said. The business does not disclose unit or sales details.

Lowry manufactures solid-tyre, indoor-style forklifts with heavy lift capacities of 18,000-40,000 pounds (8,100-18,000kg) and gas, propane or diesel power systems. The business was established in 1984, employs 15 and occupies 30,000 square feet (2,700 square metres).

Schwartz Levitsky Feldman Inc, of Toronto, Canada, a firm of chartered accountants, has taken possession and control of the Lowry premises. It intends to dispose of all the forklift firm's assets, pursuant to the Canadian Personal Property Security Act.

The receiver said Lowry owed secured creditors Liftking Industries Inc, of Woodbridge, Canada, CAD914,600 (USD817,000); Business Development Bank Canada, of Mississauga, Canada, CAD65,000 (USD58,000); and Royal Bank of Canada, Toronto, CAD1,000 (USD893). Liftking Industries supplies manufactured forklift assemblies to Lowry.

The receiver also listed 124 unsecured creditors.

In its low-volume, heavy-capacity specialty niche, Lowry competes with some lines of Hoist Liftruck Manufacturing Inc, of Bedford Park, Illinois; Royal Tractor Company Inc, of New Century, Kansas; and Taylor Machine Works Inc, of Louisville, Mississippi.