All Business & Finance Articles

Cargotec has acquired the port service and equipment segment of its Moroccan dealer Maghrepic S.A.

Optimism about future prospects for the Euorpean construction industry soared in December.

Brokk appoints Norwegian dealer for its demolition robots

Cintra, Ferrovial’s toll road subsidiary, has agreed the sale of 60% of Cintra Chile to the Colombian ISA Group for US$ 300 million.

XCMG Construction machinery Company plans to raise CNY 5 billion (US$ 732 million) through a private share placement.

A joint venture between Taylor Woodrow, part of Vinci Construction UK, and BAM Nuttall has won a UK£ 250 million (€ 277 million) contract to upgrade Tottenham Court Road Tube station.

UpRight's TM12 vertical mast lift machine is proving very popular in Sweden. Over a few week period Zip-Up Svenska, UpRight's Swedish distributor, sold over 60 machines to rental companies. Three were existing customers, which already have 120 TM12s between them and the other was a new customer.

Cramo’s Finnish subsidiary has sold its diamond drilling and floor grinding business to demolition contractor Kuusakoski Oy. The sale, for an undisclosed price, will close on 1 February 2010.

Finnish contractor Oka Oy has outsourced its construction equipment fleet to Ramirent Finland and signed a five year rental agreement with the company.

UK supplier of access and formwork products and services, SGB, will be changing its name to Harsco Infrastructure. The change will take effect from January 2010 and is part of a global re-branding being implemented by SGB's US based parent company Harsco Corporation.

Terex is to use the proceeds of the sale of its mining division to Bucyrus to pay off debts and make acquisitions of niche manufacturers. Terex said the US$1.3 billion sale signified a shift in strategy from being a construction and mining equipment company to a machinery and industrial products business focusing on niche markets.

Brazilian conglomerate Companhia Siderúrgica Nacional (CSN) has made an unsolicited € 3.84 billion cash offer to acquire Portuguese cement manufacturer Cimpor.

Terex is to sell its mining equipment business to Bucyrus International Inc for US$ 1.3 billion in cash and said the sale signified a shift from being a construction and mining equipment company to a machinery and industrial products business focusing on niche markets.

Argentina's leading cement producer, Loma Negra, will receive up to US$ 125 million in medium-term financing from the Inter-American Development Bank (IDB) to support the company's capital expenditure programme.

Manitou said negotiations are underway with Gehl's banking syndicate because the subsidiary faces a "technical default" as a result of still depressed conditions in the US.

Cramo has made a one-off €22 million impairment loss for its Central and Eastern Europe businesses as a consequence of low volumes in Latvia, Lithuania and the Czech Republic.

Aggreko said that a better than expected final quarter of the year - particularly from its international power projects division - would push its revenues for the year up 7% to over £1 billion and operating profits up 27% to £260 million. On a constant currency basis, revenues are 5% down and profits 4% up.

Japan’s Sumitomo Corp has acquired a US$50 million investment in Sunstate Equipment Co, giving it a minority shareholding in the business. The funds will be used to strengthen Sunstate's balance sheet and capitalise on growth opportunities.

A national UK rental company is one of the several organizations that have expressed an interest in acquiring the Hewden business from Finning International. The Canada-based Caterpillar dealer is currently engaged on a strategic review of Hewden but no decision has yet been reached on whether to sell or retain the business.