Wisconsin Lift Truck Corp (WLTC) has acquired the assets of Witco Systems Inc for USD1.2 million in a court-approved receivership transaction.

Judge Dennis P Moroney in Milwaukee County Circuit Court authorised the acquisition on 29 July, and Otto J Wolter, chief executive officer of Brookfield-based WLTC, announced the business development.

Of Witco's 42 employees, 40 - including 18 technicians - began working for WLTC on 30 July, says Jerry Weidmann, president. Prior to the acquisition, WLTC employed 265 staff.

Now, WLTC has more than 140 technicians, an enlarged parts inventory and a rental fleet of more than 600 units, Weidmann notes.

Owned by the Wilson family, Witco filed for receivership in April 2010. The judge gave custodial responsibility for Witco to financial advisory services provider Richard Taylor of Milwaukee.

Witco executives Elmer Grichtmeier Jr and Rick Bare - now WLTC managers - had a pending management purchase offer on file, but the receiver pursued additional bids for Witco in an effort "to maximise the return for unsecured creditors", Taylor notes. "Wisconsin Lift Truck paid more than the management offer. I think we got good value" for the assets.

A separate bid from an Illinois concern was withdrawn during an early phase of the process.

Taylor intends to pay for certain Witco liabilities and, probably in November, distribute any remaining proceeds to unsecured creditors.

Witco had leased Wisconsin locations in Milwaukee, Madison and Manitowoc. "We will retain the Madison location," Weidmann says, "and we will merge the Milwaukee operation into our Brookfield site and the Manitowoc operation into our De Pere site" for the Green Bay market.

WLTC, primarily a dealer for the Caterpillar, Jungheinrich, Mitsubishi and Linde forklift brands, has other Wisconsin distribution and full-service locations in Germantown, Janesville and Wausau, and, through division Wolter Material Handling also represents Komatsu, in Eau Claire. Other WLTC operations include Wolter Power Systems for industrial engines and generators and Contractor Equipment Services for construction and aerial equipment, sweepers and scrubbers.

WLTC named Elmer Grichtmeier Jr as general manager of its southern region, Bare as corporate controller and Greg Grichtmeier as field sales manager for the southern region. Previously in their Witco positions, Elmer Grichtmeier Jr was vice president and general manager, Greg Grichtmeier vice president of sales and Bare vice president and chief financial officer.

Both entities have significant histories in Wisconsin's forklift industry, with the Witco lineage starting with Oliver S Wilson in 1949, and the WLTC record beginning with Wolter in 1962.

Wilson founded Wisconsin Industrial Truck Co as the first materials handling equipment dealership in the state and was a long-time representative for the Clark brand. Ironically, Otto Wolter started working for Wilson at the firm as a janitor in 1957 and left in 1962 to start his own business. Now Wolter's firm is the acquirer of the Wilson legacy.

Wilson and Elmer Grichtmeier Sr founded Stack & Store Systems in 1971 and represented Crown forklifts along with Interlake and Frazier racking systems. Stack & Store acquired Manitowoc Industrial Equipment and its Nissan representation in 1981.

Wisconsin Industrial Truck and Stack & Store merged to become Witco Systems in 2002. Oliver Wilson died in January 2007 at age 90 (Forkliftaction.com News #294). Recently, his son, Doug Wilson, was Witco chief executive officer, according to Taylor.

Weidmann says WLTC does not plan to retain the Nissan representation.

In 2009, WLTC restarted its Illinois Material Handling operation. "We represent Hyundai (Group of South Korea) and Hytsu (Group based in Shanghai, China) in northern Illinois, Weidmann reports.

In mid-2006, WLTC exchanged territories along the Wisconsin-Illinois state line with a Chicago-based dealership and established WLTC as the primary Wisconsin representative for both Caterpillar and Mitsubishi (Forkliftaction.com News #271).

In addition to its Wisconsin presence, WLTC represents Caterpillar, Jungheinrich, Mitsubishi and Linde in Michigan's Upper Peninsula.