Textron Inc has sold the Snorkel product line of its OmniQuip business unit and the OmniQuip Textron Inc holding company to Elwood Holdings, an investment group based in Lenexa, Kansas.
The value of the sale was not released.
The Snorkel line includes aerial work platforms and boom lifts for maintenance and construction. It generated revenue of USD37 million last year. OmniQuip ceased US production of Snorkel products early last year.
Textron is retaining the Sky Trak and Lull telehandler lines, and the rights to the OmniQuip name.
Textron is a USD12 billion company with more than 51,000 employees in 40 countries. The company is known around the world for its powerful brands such as Bell helicopters and Cessna aircraft.