Boom sells tower crane division

12 October 2011

Australian crane rental and transport major Boom Logistics has sold its Victorian tower crane division for AU$7.50 million (US$ 7.58 million) to Guy Caelli.

Boom said it was a non-core asset and that net profit from the sale will be AU$3 million (US$ 3.03 million). It will be owned by Guy Caelli Holdings and will trade as General Cranes.

The sale includes 34 Favco and Favelle Favco diesel luffing tower cranes, a Liebherr LTM 1200/N all terrain crane, a Kato NK 500 truck crane, plus a Grove rough terrain yard crane, forklifts, trucks and other vehicles, as well as associated equipment. The tower cranes range from an eight year old M380D back to STD 1500s from the 1970s. A large proportion of the fleet is M300D and M310D models from the early 1990s.

"This sale is another positive step in aligning Boom's core business with our key markets, particularly in resources and energy. The transaction releases capital previously allocated to a non-core business for investment in higher returns markets," said Brenden Mitchell, Boom CEO, in a statement.

Latest News
Alimak takes action to improve Facade profits
Range of measures includes merging assembly sites 
Vietnam’s most populous city to build bridge over Saigon River
Upon completion, the Thu Thiem 4 Bridge and approach roads will total 2.16 kilometres with six lanes
John Kerry calls for nuclear fusion plant construction plan at COP28
US special climate envoy John Kerry has set out an international engagement plan to boost research into nuclear fusion ahead an eventual construction programme of a new generation of nuclear plants