Forklift dealership H&K Equipment Inc has acquired three ancillary materials handling brands from Hoist Liftruck Manufacturing Inc. Terms were not disclosed.
The Elwell-Parker, Autolift and Schreck brands accounted for about 2% of Hoist Liftruck sales. Hoist acquired Elwell-Parker in 2000 and Autolift and Schreck in 2001.
Everything relating to the brands ─ from drawings to components ─ is being moved in coming weeks to H&K Equipment in Coraopolis.
"We began talking about a year and a half ago," says George Koch, president of H&K. The transaction was completed on 7 May.
Koch has a history with the principal brand. "I have been associated with Elwell-Parker since 1975 as a customer and through a dealership," he says.
The brand has a rich history. Elwell-Parker Electric Motor Company of America was formed in 1893 to produce electric motors for bulk cargo handling.
The H&K family of companies employs 165 people and includes H&K Equipment employing 70 staff and representing Taylor, Komatsu and Nissan forklift lines; Taylor Northeast Inc in Morgantown, Pennsylvania and Baltimore, Maryland; Yard Truck Specialist Inc in Bensalem, Pennsylvania; and Franklin Sales and Services LLC in Baltimore for industrial sweepers and scrubbers.
For expansion in Coraopolis, H&K acquired in 2007 an adjacent building now undergoing an interior renovation. The firm is constructing an additional space of at least 25,000 square feet (2,250 sqm) for occupancy in 2011 to bring the structure total to 130,000 square feet (11,700 sqm) on 10 acres.
"It's always hard to part with well-known brand such as Elwell-Parker, but H&K has been an Elwell-Parker dealer for decades and has in-depth knowledge of the brand," says Marty Flaska, president of Hoist Liftruck in Bedford Park, Illinois. "This move is an excellent fit for both companies."
Flaska says the three brands had not met Hoist Liftruck's financial expectations and did not fit its long-term business plan.
"We're reallocating our resources and staff to focus on our P-series, container handlers, Neptune series [marina forklifts] and Titan and FKS cushion-tyre products," Flaska notes.