South African Equity Firm Acquires Rental Company
Nkunzi Investment Holdings, a black economic empowerment firm in Durban, South Africa, acquired a 52.5-percent stake in Knysna Equipment Hire & Sales, a scaffolding and small- to medium-sized construction equipment company. ...
Australia’s Coates Hire to Fall Short of Forecast Profit
Coates Hire, Australia’s largest rental company, last week said it expected profits to be about 5 percent lower than previously-issued guidance for its fiscal year which will end June 30. Coates said demand has fallen short of expectations, particularly in its lucrative mining sector, which has affected its Allied Equipment division and its Queensland operations Coates North....
VP Boosts Profits 36 Percent
British rental company VP increased its pre-tax profit by 36 percent to £14.5 million (about U.S. $28.7 million) for the year ended March 31. ...
Lightyear Capital Finalizes Acquisition of Neff Rental
Lightyear Capital last week closed its acquisition of Neff Corp. for $900 million. The deal included $464.5 million for the payment of Neff’s debts....
Maxim Board to Launch “Dutch Auction” Share Repurchase
Maxim Crane Works Holdings last week said that its board of directors has approved the initiation of a traditional “Dutch auction” tender offer to purchase up to 2.5 million shares of its common stock and share equivalents at between $45.75 and $51 per share. The tender offer will begin June 4 and expire, unless extended, June 29. ...
Wacker Reports First Quarter 7.3-Percent Sales Growth
Wacker Construction Equipment AG sales rose 7.3 percent in its fiscal first quarter of 2007 to EUR 160.4 million (about U.S. $215.7 million), an organic growth rate of 7.1 percent. Adjusted to discount exchange rate fluctuations, sales were up 11.9 percent. EBITDA rose 4.4 percent to EUR $24.5 million (about U.S. $33 million)....
Sunbelt Rentals to Open New Pump & Power Locations
Charlotte, N.C.-based Sunbelt Rentals last week announced it plans to open two new Pump & Power locations this month. The Florence, Ky., location will serve the greater Cincinnati and Ohio Valley area and the Fort Worth, Texas, location will serve the Dallas-Fort Worth metroplex and surrounding cities....
High-Power Presenters Highlight Aerial Safety Conference
Maximum Capacity Media, publisher of Lift and Access magazine, is hosting the inaugural Safe Access, Fall Protection & Training Conference July 20 at the Hyatt Regency Long Beach in Long Beach, Calif. The one-day event will be held immediately after the Scaffold Industry Association’s 35th Annual Convention at the same location in order for attendees to participate in both events....
Finning Completes Share Split
Finning International last week said it completed a previously announced two-for-one share split of its issued and outstanding common shares....
Volvo Rents Opens New Rental Center in Bossier City, La.
Volvo Construction Equipment Rents last week announced the opening of a new independently owned franchise equipment rental center in Louisiana. The Volvo CE Rents store is the third Volvo franchise in the state for its owners, Paul and Penny Bullock, and their four children Jason, Melissa, Stephen and Maggie, principals of JPS Equipment, LLC. ...
RSC Equipment Rental Announces Partnership with Hilti Tools
RSC Equipment Rental recently announced it is partnering with Hilti tools to enhance its customer service and leverage its overall rental offering. With this relationship, RSC will carry a select group of small electric tools that includes chipping hammers, core drills and rotary hammer drills, as well as their complementing accessories. ...
Atlanta-Area College Introduces Heavy Equipment Technician Program
Gwinnett Technical College in Lawrenceville, Ga., one of the state’s largest technical colleges, will soon offer a certificate program to prepare students to work as heavy equipment technicians....
West’s Rentals & Sales Turns 20
West’s Rentals and Sales, Pendleton, Ore., celebrated its 20th birthday last Friday with an open house, offering donuts and coffee in the morning and a hamburger barbecue in the afternoon....
Hertz Equipment Rental to Open Renovated Facility in Oregon
Hertz Equipment Rental Corp. will celebrate the grand re-opening of its Medford, Ore., general rental facility on June 7. The event will take place at the store between 11 a.m. and 2 p.m. and will showcase the facility’s renovated showroom and newly-expanded product line, which includes small tools, equipment and contractors’ supplies....
RER 100 Members Select RMI as Solution Provider
Two members of the 2007 Rental Equipment Register (RER) 100 top North American rental companies have selected RMI Corp. as their solution provider. Thompson Pump and Manufacturing (No.50) and Rolls Scaffold Inc. (No. 82) recently selected RMI Corp.’s Advantage Solution; a software system for the equipment rental industry; to address their business-wide operational needs. ...
New, Cleaner Off-Road Diesel Fuel in June
Starting June 1, the nation’s refineries began producing low sulfur diesel fuel for use in off-road equipment. The new fuel will then wind its way through the distribution system, so that by Dec. 1, 2007, locomotives and marine vessels, as well as farming, construction and mining equipment, will switch to diesel containing nearly 85 percent less sulfur. This new off-road fuel has a sulfur content of 500 parts per million, reduced from 3,000 parts per million or more in the previous blend....
RSC’s IPO Falls Short of Expectations
RSC Holdings last week raised $458.3 million in its initial public offering, with the initial 20.8 million shares selling for $22 each, slightly less than the $23 to $25 range the company had expected. RSC’s initial foray into the public market was seen as disappointing by analysts as first-day markets closed with shares trading at $19, less than the initial price....
Seattle-based Coast Crane Purchased by Private Equity
Northwest Capital Appreciation, a Seattle-based private equity firm, last week announced that it has partnered with management and GE Asset Management to purchase Coast Crane Co., which is also headquartered in Seattle. Coast Crane is one of the largest crane distributorships on the West Coast. The company has 13 outlets specializing in crane rental, sales and service stretching from San Diego to Anchorage, Alaska, and Western Canada. ...
First Star Safety Opens New Warehouse
First Star Safety, which specializes in the sale, lease and rental of construction and traffic safety equipment, recently opened its new 2,000-square-foot warehouse in Loveland, Ohio. The company’s fleet includes equipment such as orange barrels, cones and signs....
Art Franklin Joins Road Machinery’s Albuquerque Branch
Veteran rental industry salesman Art Franklin has joined Phoenix-based Road Machinery as sales manager in Albuquerque, N.M. Franklin is responsible for management of construction equipment sales and rental operations in New Mexico and West Texas....
United Rentals Sponsors Hurricane Preparedness Night with Florida Marlins
United Rentals last week sponsored a Hurricane Preparedness Night in partnership with the Florida Marlins on Thursday, May 24, at Dolphin Stadium....
JLG Names Three New Telehandlers Dealers
McConnellsburg, Pa.-based JLG Industries last week announced three new dealership agreements. JLG appointed Tiger Equipment Inc. as a dealer for SkyTrak telehandlers. They will provide sales and service coverage throughout northwestern Mississippi, southwestern Tennessee, and Crittenden County in Arkansas....
Ontario Crane Operators Strike
Large-scale building projects across Ontario slowed last week as about 2,000 crane and other heavy-equipment operators went on strike over wage and safety issues....
U.K.’s Speedy Posts 32 Percent Volume Increase, Strong Profitability
Speedy Hire, the United Kingdom’s largest rental company, posted a pre-tax profit increase of about 18.6 percent for the fiscal year ended March 31, with profits rising from £30.7 million (about U.S. 61 million under current currency conversion rates) the previous year to £36.4 million (U.S. $72.2 million). ...
Hewden to Launch New IT System
Caterpillar dealer Hewden, one of the United Kingdom’s largest equipment rental companies, last week renewed a contract with BT to be its fully managed networked IT services provider. The outsourcing deal, worth about £20 million (about U.S. $40 million), will implement a new technology plan for Hewden, introducing a new network to about 100 Hewden locations. The company will move to voice-over Internet Protocol....
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