Turkish conglomerate Asko Holding has acquired a majority stake in United States-based scissor lift maker Hy-Brid Lifts as it continues its global expansion.
With activities spanning construction machinery, agricultural machinery, energy and technology, Asko Holding has moe than 700,000 square metres of equipment production facilities.
Asko Holding chief executive officer Sami Konukoglu says the acquisition will allow an expansion of the product range of Hy-Brid Lifts, with working capital to be provided to accelerate growth.
Founded in 1981 in Wisconsin as a husband-and-wife welding and repair shop, Hy-Brid Lifts manufactured its first scissor lift in 2004 and now offers a range of aerial equipment.
Konukoglu says the acquisition would allow Asko to export its products to the US.
“With Hy-Brid Lifts' innovative, top-notch products and extensive dealer network, this investment aligns perfectly with Asko’s goal to become a global player and expand in the USA,” he says.
“While offering new products to global markets under the Asko brand, we are perfecting our research and development, sales and service networks based on our experiences gained here (in Turkey).”