One of Lift Technologies' mast products
A unit of Calvi Holding Srl of Lecco, Italy has acquired Guelph-based Lift Technologies Inc, a maker of masts, carriages, integral sideshifters and fork positioners - mostly for original equipment manufacturers. Terms were not disclosed.
Together, all Calvi and Lift Technologies operations have annual sales of USD650 million.
The acquisition enables Lift Technologies to further grow globally, says Bill Harrison in a statement. Harrison has been the firm's chairman, chief executive owner and major owner.
LTH Srl, a Calvi subsidiary, made the purchase. LTH's board is expected soon to appoint Konrad Ostmeier as the new Lift Technologies CEO and David McBride as chief financial officer and name both to the LTH board.
Ostmeier is managing director of Lift Technologies subsidiary Lift-Tek Elecar Srl in Castel San Giovanni, Italy and, upon appointment, will have responsibility also for Lift Technologies operations in Guelph and Westminster, South Carolina, USA. McBride has served as Lift Technologies CFO since the company's founding in 1999.
Brian Lamb, Lift Technologies president and chief operating officer for North America, will remain in his current capacity and report to Ostmeier.
"The synergies between the companies position this new materials handling supply group to meet the future demands of our complex industry," Harrison notes.
The technical, industrial and commercial synergies will provide forklift truck and material handling equipment manufacturers with a wide range of products and solutions, says Riccardo Chini, Calvi chairman and CEO, in a statement. He calls the combined businesses "a unique entity on a world scale."
Primarily, Lift Technologies makes masts of two, three, four and five stages with carriages and integral sideshifters with capacities in the range of 1-50 metric tons. Also, the firm supplies specialized container handling masts. Lift Technologies employs more than 400 persons.
Lift Technologies is completing the move of production of integral sideshifters and carriages from Guelph to Westminster and, recently, added the capability for mast rail machining in Westminster. Previously, the firm bought that work from others.
With the changes, Lift Technologies aims to reduce its overhead and freight costs and increase plant efficiency.
Calvi operates Hoesch Schwerter Profile GmbH of Schwerte, Germany, Siderval Spa of Talamona, Italy and other producers of profiles used in the materials handling industry.