Access International understands that Iteco was experiencing financial difficulties and that IMER's acquisition will therefore secure the future of the brand and its products.
Corrado Conti, Itec's export sales manager, told Access International that it is expected that Iteco branded machines will continue to be produced at Iteco's existing facility in Mantova, Italy.
"IMER is interest is not for Iteco to remain a small player. They want to grow, and be more competitive, not just in niche products, but with more standard products."
He said the sales strategy worldwide - and the implications for Iteco dealers and its privately owned French subsidiary - are still being discussed with the new owners.
IMER has not released any press statement about the acquisition.
Like many access equipment manufacturers, Iteco has been struggling to adjust to dramatically lower levels of demand this year. It is understood that Iteco has reduced its workforce and production schedules and is targeting production levels this year a third of those in 2008.
IMER is a manufacturer of concrete related equipment as well as compact equipment. It also operates a joint venture for compact earthmoving equipment, IHIMER, with Japanese manufacturer IHI. At Intermat earlier this year IHIMER entered the powered access business by launching a range of ‘Spider' platforms, initially being produced by Italian manufacturer Platform Basket.