Turkey’s ASKO Acquires Majority Stake in Hy-Brid Lifts
Hy-Brid Lifts, an industry leader in high-quality, low-level access equipment, announces it has entered into a strategic partnership with ASKO, which is acquiring a majority stake in the company.
“The next chapter for Hy-Brid Lifts has started with this partnership with ASKO,” said Jay Sugar, CEO and president of Hy-Brid Lifts. “We see this as a great opportunity for our customers as we will be bringing new products to the market, accelerating R&D and increasing our sales and service support.”
ASKO is headquartered in Turkey and operates in the construction machinery, agricultural machinery, energy and technology sectors through its eight companies and subsidiaries. ASKO currently owns ELS Lift, which produces a range of scissor lifts, vertical mast lifts and boom lifts; and MST Construction Machinery, which produces telehandlers and dirt equipment. This partnership will increase the Hy-Brid Lifts product offering and provide working capital for accelerated growth in all areas.
“We are very excited to welcome Hy-Brid Lifts and its skilled employees into the ASKO family,” said Sami Konukoğlu, founder and chairman of the board of ASKO. “With Hy-Brid Lifts’ track record of producing innovative high-quality products and having an established dealer network, this investment fits into ASKO’s strategy to become a global player and expand in North America,”
Hy-Brid Lifts is a brand of Custom Equipment LLC. Hy-Brid Lifts engineers and manufactures all-purpose lifts in electric, self-propelled and push-around models. For more information, visit www.hybridlifts.com.
ASKO operates with eight companies active in the fields of construction machinery, agricultural machinery, energy and technology. For more information, visit www.asko.com.tr.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.