Emeco International Europe, a wholly owned subsidiary of Perth, Australia-based Emeco Holdings last week completed an agreement to purchase all of the issued shares of Euro Machinery BV and Euro Rental BV for AU $10.8 million (about U.S. $8.5 million). The companies are being acquired from Euro Machinery Beheer BV and are specialists in the sales and rental of earthmoving equipment.
Emeco said negotiations have been concluded for the transfer of the Euro Machinery businesses to a new machinery workshop, sales yard and office facilities in Hardenberg, The Netherlands, located near Amsterdam and Rotterdam, providing access to port facilities in the Netherlands, Belgium and Germany. Construction of the 40,000-square-meter site is scheduled to be completed in March 2007.
Emeco CEO Laurie Freedman said the acquisition gives Emeco immediate access to an established European-based procurement and trading platform with trading networks into Eastern Europe, the Middle East and Africa. Freedman said the acquisition is another step in establishing a global presence in rental and distribution.
Euro Machinery owner Harry Haverkotte and his son Roy Haverkotte will join Emeco’s European management team.
The acquisition is Emeco’s third since its initial public offering in July.
Emeco has a North American division, Emeco North America, based in Houston. It is No. 76 on the RER 100.