JLG Industries Inc has bought OmniQuip from Textron Inc for USD100 million.
JLG and Textron signed the acquisition agreement, subject to regulatory approvals, on July 8. OmniQuip, based in Port Washington, WI, builds telescopic handlers for the light construction industry under the SkyTrak and Lull brands.
Textron said the sale was part of its strategy to recreate the company as a simpler, more focused network of companies. SkyTrak and Lull generated about USD217 million for Textron in 2002.
Lull and SkyTrak are the last segments of OmniQuip, which Textron bought in 1999. The company sold the Scat Trak skid-steer loader business to Volvo Construction Equipment in December 2001, and the Snorkel aerial work platform business to Elwood Holdings last December.
JLG chairman Bill Lasky said JLG saw value in the SkyTrak and Lull brands, the operations' engineering depth, and the brands' creativity and market successes. He said OmniQuip's military contracts opened new avenues to JLG.
"This acquisition is consistent with our strategic direction of remaining focused on our core access products," he said. "We have identified and will realise significant 'hard' synergies, allowing JLG to apply its competencies in manufacturing, engineering, new product development and supply chain management."