Skyjack in talks to buy Volvo's MTE business
By Maria Hadlow07 March 2008
Volvo Construction Equipment has agreed to pursue discussions with Canadian, Linamar company, Skyjack Inc, relating to the purchase of selected assets of Volvo's MHE (Material Handling Equipment) business.
Skyjack is interested in Volvo's MHE business as it complements the acquisition of Carelift Equipment completed in August 2007. This acquisition would further expand SkyJack's telehandler product range: adding a rough terrain straight mast fork lift product and providing additional manufacturing capacity.
"The addition of Volvo's MHE business would provide products to complement our premium Zoom Boom telehandler brand," said Linda Hasenfratz, Linamar Corporation CEO. "This will allow us to bring our products to a broader group of customers."
Skyjack anticipates moving the Volvo assets to its Ontario base to consolidate with its existing telehandler business.
The proposed transaction is subject to, among other things, the parties reaching a definite agreement and further due diligence.