Mills increases 2013 CapEx by more than 60%
By Murray Pollok23 May 2013
Mills Estruturas e Serviços de Engenharia in Brazil (Mills) has increased its capital expenditure budget for this year by more than 60% to R$481million (€182 million), including a more than doubling of its budget for the Rental division, to R$274 million (€104 million).
Mills said the budget increase was designed to allow it to “continue capturing the attractive opportunities in its markets” and to increase the pace of its expansion, with 12 new locations planned this year rather than the five opening in the previous budget.
The increases follow on from record financial results for the company in the first quarter of the year and will be good news for its aerial platform suppliers, including JLG and Terex AWP. Aerial platforms are the main product in the Rental division.
The budget increases focus on two of the companies four divisions. The budget for the Rental division gets the largest increase, followed by the Heavy Construction business, where the budget for new rental formwork and scaffolding has been increased by 65% to R$89 million (€34 million).