Verticon acquires DSI

25 April 2008

Daniel Smith Industries Ltd in New Zealand has sold its crane and hoist rental division to Verticon for NZ$41 million. DSI operates a fleet of crawler, mobile and tower cranes, and construction hoists, at work in New Zealand, New Caledonia, Fiji and Samoa. Verticon claims to be Australia's largest hirer of tower cranes, with operations in Victoria, New South Wales and Queensland.

Daniel Smith will stay on to work for Verticon New Zealand Limited as NZ general manager. Smith said the acquisition will allow for future growth and ensure stable long-term employment for the team of dedicated personnel. DSI's construction and transport divisions have been retained by Daniel and Annette Smith and will trade under the names Daniel Smith Contractors Ltd and Daniel Smith Transport Ltd.

Mark Kevin, managing director of Verticon commented, “the DSI acquisition is consistent with Verticon's strategy and provides a significant diversification from the core Australian business, which is Australia's largest hirer of tower cranes, into a business that will produce significant revenues and profits from industries such as energy, public infrastructure and resources. We are pleased that Daniel Smith has decided to take on the role of running our New Zealand operation and our customers should expect the same great service Daniel has provided in the past. This acquisition gives Verticon the ability to offer a unique service to customers that operate throughout Australia, New Zealand and the Pacific Islands, as we are the only crane hire company that covers all these areas”.

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