Briggs & Stratton to Buy Generac
Briggs & Stratton, Milwaukee, will buy Jefferson, Wis.-based Generac Portable Products for $55 million in cash and the assumption of $215 million of Generac debt.
The deal is expected to close in Briggs & Stratton's fourth fiscal quarter, which ends June 30. The company said the acquisition could have a neutral to slightly negative effect on earnings for this fiscal year but is expected to add 10 to 20 cents a share in fiscal 2002 and 25 to 35 cents in fiscal 2003.
Generac had net sales of $90 million for the six months ended Dec. 31 and said it expects sales of about $250 million for the 12 months ending July 1. Briggs & Stratton had fiscal 2000 sales of $1.6 billion.
Manitowoc Seeks to Add French Crane Maker Crane Manufacturer
The Manitowoc Co., based in Manitowoc, Wis., issued a binding offer to acquire the Potain cranes subsidiary of Groupe Legris Industries for approximately $300 million. Lyon, France-based Potain reported sales of about $275 million in 2000.
Potain would operate within Manitowoc's crane segment, creating one of the world's leading producers of lattice-boom crawler cranes, tower cranes and boom trucks.
Komatsu, Tramac Enter OEM Pact
Komatsu America International in Vernon Hills, Ill., will market Tramac hydraulic breakers and compactors under the Komatsu name.
Under terms of the OEM agreement, the products will be installed on Komatsu mini-excavators, loader backhoes and large excavators and will be offered through the company's 250 distributor locations.
Komatsu said it also will market Parsippany, N.J.-based Tramac's complete line of vibratory plate compactors.
Bobcat's 500,000th skid-steer loader rolls along the production line in mid-February at the company's Gwinner, N.D., plant. The 500,000 units built since 1958 represent more than all other skid-steer loader brands combined.
Ford, Maxion Sign Engine Deal
Ford Motor subsidiary Ford Power Products will sell Maxion International diesel engines in North America as part of a new agreement between the companies. The deal allows Southfield, Mich.-based Ford to purchase Maxion engines solely for resale purposes.
Maxion, based in Canoas, Brazil, is a subsidiary of International Truck and Engine.
Ford said it first will offer the 7.3-liter Power Stroke diesel engine, common in the company's F-Series trucks.
Deere & Co. topped the list in the industrial and farm equipment category of Fortune magazine's annual “America's Most Admired Companies” survey published in the Feb. 19 issue. The survey included the country's 1,000 largest companies ranked by revenue and the 25 largest U.S. subsidiaries of foreign-based companies.
Caterpillar, ITT Industries and Ingersoll-Rand were second through fourth in the same category. Black & Decker was seventh and Cummins Engine eighth.
Whiting, Ind.-based PolyJohn Enterprises opened an office in Long Beach, Calif., under the leadership of Louise Gutierrez to serve Rid-It customers in 23 western states.
Grove Crane in Shady Grove, Pa., introduced an automated parts quotation system designed to give customers faster quotes and parts availability estimates, improved job scheduling, and better maintenance and repair planning. To expedite the process, Grove distributors receive all parts quotations within their sales and service territories.
Cummins Engine, Columbus, Ind., entered an agreement with Paccar, the world's largest truck manufacturer, to supply the Bellevue, Wash.-based company with heavy-duty engines.
Cummins also will supply Paccar's European subsidiary DAF Trucks with medium-duty engines for its LF Series trucks.