Verticon NZ sold to Lewis Equipment
01 April 2008
The Verticon Group has sold its New Zealand-based tower crane and hoist division for NZ$14.99 million (US$11.75 million) to US-based Lewis Equipment Company Limited.
Andrew Torrington, Verticon managing director, said the sale was a strategic divestment which would enable Verticon to substantially reduce its borrowings and ongoing interest cost exposure. Torrington said, “This sale is part of the strategy in reviewing all parts of the business and will enable Verticon to refocus its energies on improving the financial position and cashflow of the Group and will lead to long term growth of the Australia-based business.”
Kyle Lewis, Lewis Equipment Company Limited chairman and CEO, said that the purchase of the business was good for both parties and he looked forward to working with Verticon in New Zealand.
All New Zealand-based tower cranes, hoists, ancillary equipment and rental agreements were included in the sale. Verticon will continue to operate its fleet of 14 crawler cranes and seven mobile cranes in New Zealand.