Providence, R.I.-based Textron completed the sale of its OmniQuip business unit to JLG Industries for $100 million. Port Washington, Wis.-based OmniQuip is a manufacturer of telescopic material handlers for the light construction industry.
The OmniQuip line sold to JLG is marketed under the SkyTrak and Lull brand names and generated 2002 revenues of approximately $217 million. Over the past two years, Textron has divested two other OmniQuip product lines — Scat Trak skid-steer loaders and Snorkel aerial work platforms — as part of its strategy to divest units that do not fit with Textron's overall strategy to create a simpler, more focused network of businesses. The telescopic material handler line is the last remaining business of OmniQuip, which Textron purchased in 1999.
