Briggs, LiftOne assume Barloworld’s US Hyster assets for USD60 million

News Story
- 3 May 2012 ( #563 ) - Greenville, NC, United States
2 min read
Briggs Equipment and LiftOne became authorised dealers of Hyster forklifts in south-east and mid-central US markets on May 1.

They succeed a Barloworld Ltd unit. A securities filing says Sandton, South Africa-based Barloworld "will realise net cash proceeds of [about] USD60 million" for the Hyster-related assets. "The cash will be used to repay debt and partially fund exciting organic and acquisitive growth opportunities for the Barloworld group."

During 2011, Barloworld advised Hyster operator Nacco Materials Handling Group Inc (NMHG) of a strategic intention to consider exiting the US materials handling business. NMHG worked with Barloworld to enable the sale.

Following letters of interest disclosed in January, the transaction was projected to close on March 31, but the due diligence period and negotiations were extended to 30 April.

Barloworld participated in the US forklift business for 33 years.

The Briggs' territories to sell and service Hyster models are Florida, Arkansas and metropolitan Atlanta, along with portions of North Carolina, South Carolina, Georgia, Alabama, Mississippi and Tennessee. Briggs entities in the US, the United Kingdom and Mexico have 31 locations and employ about 1,700 people, including 1,000 service technicians.

LiftOne's territories are Alabama, Georgia, excluding Atlanta, and portions of Tennessee, North Carolina and South Carolina. LiftOne supplies 17 facilities from eight locations. It has established new north, south and west regional entities and relocated its headquarters on 28-29 April into a 50,000 sqft. (4,645 sqm) facility Barloworld previously leased in Charlotte, North Carolina.

"Briggs is excited to expand both its footprint and product offering in the US with the addition of the Hyster brand," says Mike Winemiller, president of Briggs International Inc, of Dallas, Texas. "The growth of our materials handling business brings more opportunities to our employees and better service to our customers. This acquisition provides customers with more product options and quicker response times." Briggs Equipment reports within the Briggs International unit of Sammons Enterprises Inc.

Edward Weisiger Jr, chief executive officer of Charlotte-based Carolina Tractor & Equipment Co, of which LiftOne is a division, says: "With the change to Hyster products, LiftOne's focus on being our customers' 'trusted partner' for parts and service solutions remains unchanged. Our award winning service staff of more than 350 highly-trained technicians will be able to service all brands of material handling equipment for customers."

Jonathan Dawley, president of Hyster distribution in Greenville, says: "We are confident Hyster products, combined with Briggs' and LiftOne's sales and service support, will deliver excellent customer satisfaction." Hyster is a brand of the NMHG unit of publicly traded Nacco Industries Inc, of Mayfield Heights, Ohio.
Broadly diversified Barloworld distributes leading international brands providing integrated rental, fleet management, product support and logistics services.
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