AIRTRAX TO BUY INTO NEW CLARK GERMANY OWNER?

News Story
- 8 May 2003 ( #106 ) - HAMMONTON, United States
2 min read
Airtrax Inc has signed a 30-day letter of intent to acquire a significant interest in newly-formed FiLCO GmbH in Mulheim, Germany.

High-profile, Chicago-based forklift industry executive Fil Filipov heads FiLCO, which acquired the bankrupt Clark Material Handling GmbH from receivers last month.

Over a decade, Mr Filipov has held executive positions with Terex, which sold the Clark business in November 1996. Mr Filipov was managing director of Clark Material Handling in Europe in 1994 and 1995. He is currently president of Terex Cranes.

Mr Filipov told Forkliftaction.com News that, during his tenure, Clark was made profitable, and the FiLCO purchase would see the business again become profitable.

"Everyone wanted to close the factory due to high costs, which I disagreed with," he said. "Germany produces quality product, labour costs are not high, but administration and managers very often mismanage ... businesses."

Airtrax president Peter Amico said that, if the parties entered a definitive contract, Airtrax intended to produce its innovative ATX-Sidewinder omni-directional forklift at the German plant.

"This arrangement could help transform Airtrax into a global player virtually overnight," he said.

Airtrax intended to begin production of the new forklifts in the USA in mid-2003.

The letter of intent, dated April 28, conveys several rights between Airtrax and Mr Filipov. In essence, it calls for Airtrax, in 30 months, to provide USD5 million to Mr Filipov via a stock valuation, cash or additional Airtrax shares.

One provision calls for Airtrax to sell agreed-upon securities and, after commissions, distribute the proceeds as working capital, with 80 percent going to FiLCO and 20 percent to Airtrax.

Airtrax intends to appoint Mr Filipov to its board of directors and, at that time, convey 100,000 unrestricted Airtrax shares to him.

FiLCO, owned by the Filipov family, has leased the 200,000-square-foot Mulheim Clark plant for 18 months, from August 1, and taken an option to purchase the plant and real estate for EUR4.7 million (USD5.1 million).

Clark was a major forklift maker in Europe before its insolvency late last year, and had 2000 sales of more than USD100 million, according to Airtrax.

FiLCO was "completely separate" and had "nothing to do with Terex [Corporation] or my job as head of the Terex Cranes business", Mr Filipov said.

Airtrax has a research and development agreement with the US Navy to commercialise omni-directional forklift technology, originally purchased from a Swedish inventory.

Airtrax last year recorded a USD641,000 loss on sales of USD551,000.
Merger creates new MH entity in US
Merger creates new MH entity in US 30 Jan 2025 - Charlotte, NC, United States - 1 min read
Clark moves global HQ back to US
Clark moves global HQ back to US 27 Jun 2024 - Dallas, TX, United States - 1 min read
Automated Handling Solutions launched
Automated Handling Solutions launched 5 May 2022 - Chicago, IL, United States - 1 min read
Previously about:
Airtrax restates filings for two years News Story - 22 Jun 2007 - BLACKWOOD, NJ, United States - 1 min read
Airtrax names Robert Watson as CEO News Story - 2 Nov 2006 - BLACKWOOD, NJ, United States - 2 min read
Obituary: Airtrax founder Peter Amico dies News Story - 31 Aug 2006 - BLACKWOOD, NJ, United States - 1 min read
Product News News Story - 19 Sep 2013 - 2 min read
TVH TAKES OVER CLARK GERMANY'S PARTS BUSINESS News Story - 8 May 2003 - MULHEIM, Germany - 1 min read
HAT BUYS CLARK ASIA News Story - 10 Apr 2003 - SEOUL, Korea, Republic Of - 1 min read
Airtrax delivers Sidewinders, copes with FiLCO News Story - 10 Aug 2006 - BLACKWOOD, NJ, United States - 2 min read
Airtrax’s first Sidewinder exhibited at ProMat 2005 News Story - 13 Jan 2005 - HAMMONTON, NJ, United States - 1 min read
AIRTRAX BUYS MAJORITY STAKE IN FILCO News Story - 11 Mar 2004 - HAMMONTON, NJ, United States - 1 min read
Movers & Shakers News Story - 4 Nov 2021 - 1 min read
Movers & shakers News Story - 14 Mar 2019 - 1 min read
Movers & shakers News Story - 7 Feb 2019 - 2 min read
Do you have materials handling news? Submit your news here

PREMIUM business

Noblelift
Global leader and manufacturer of high quality electric, lithium-ion, and IC material handling equipment.

“Over the years, your platform has played a key role in expanding our global presence — connecting us with industry professionals and promoting our advanced products, including our 50T electric forklift...Forkliftaction has helped us stay informed and competitive in a rapidly evolving market…”  - Bill Cai, Director, Overseas Division, Fujian Southchina Heavy Machinery Manufacture Co., Ltd

Thanks for your support! Read the full testimonial & more industry messages ♥ here.

Words of support …

Thanks to advertising with Forkliftaction, GemOne has experienced a significant enhancement in our online presence. Working with Forkliftaction has enabled us to boost engagement with our targeted audience, resulting in an increase in information requests and downloads of valuable materials from our website. Forkliftaction has consistently delivered outstanding results, helping us to effectively connect with the right audience.

Justine Lootens, CEO

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

“Over the years, your platform has played a key role in expanding our global presence — connecting us with industry professionals and promoting our advanced products, including our 50T electric forklift...Forkliftaction has helped us stay informed and competitive in a rapidly evolving market…”  - Bill Cai, Director, Overseas Division, Fujian Southchina Heavy Machinery Manufacture Co., Ltd

Thanks for your support! Read the full testimonial & more industry messages ♥ here.

Inside The News
As part of Forkliftaction’s 25th anniversary celebrations, we have dug into the archive and, over the next year, will be highlighting a carefully curated selection of historical stories we have published over this time... Continue reading

PREMIUM business

Flexi® By Narrow Aisle Limited
Leading manufacturers of very narrow aisle (VNA) equipment.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Inside The News
As part of Forkliftaction’s 25th anniversary celebrations, we have dug into the archive and, over the next year, will be highlighting a carefully curated selection of historical stories we have published over this time... Continue reading

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

“Over the years, your platform has played a key role in expanding our global presence — connecting us with industry professionals and promoting our advanced products, including our 50T electric forklift...Forkliftaction has helped us stay informed and competitive in a rapidly evolving market…”  - Bill Cai, Director, Overseas Division, Fujian Southchina Heavy Machinery Manufacture Co., Ltd

Thanks for your support! Read the full testimonial & more industry messages ♥ here.