International News
Power Rental to Double in Africa by 2014, Says Frost & Sullivan Report
The use of power rental equipment is growing significantly in sub-Saharan Africa because of the current electricity crisis in the region, according to a report from analyst group Frost & Sullivan. According to the report “Power Rental in Key African Markets,” power equipment rental has earned revenues of $79.3 million in 2007 in Angola, Botswana, Egypt, Kenya, Nigeria, Mozambique and South Africa. The report predicts revenue to more than double to reach $164.2 million by 2014....
Liebherr Posts 2008 Revenue Increases
Revenue grew 11 percent in 2008 for the Liebherr Group, to €8.4 billion (about U.S. $11.8 billion), with volume from construction machinery totaling €5.6 billion (about U.S. $7.9 billion), an increase of 11.4 percent or €572.9 million....
Pay Drops for Speedy Hire Executives
Executives at tool and equipment hire group Speedy Hire Plc, the U.K.’s largest rental company, received no bonuses and saw their total pay packages fall sharply last year, according to Crain’s Manchester Business. Chief executive Steve Corcoran’s pay fell by 44 percent to £352,000 (about U.S. $577,000), from £638,000 in fiscal 2008, when he received a substantial bonus payment....
Ameco Opens Office in Peru
Greenville, S.C.-based Ameco recently announced it was opening a permanent office in Peru, three years after first entering the South American market. The new company, Choice Equipos y Servicios, is a partnership with Choice Cargo, a local transport and logistics company....
U.K.’s Lavendon Expects Moderate First-Half 2009 Loss
U.K. aerial equipment specialist Lavendon Group plc, last week issued a trading update for the six months to June 30, before entering its close period prior to the announcement of its interim results on Aug. 28....
Cramo’s Top Executives Make Major Investment in Company
The executive committee of Cramo, one of Europe’s largest rental companies, has increased its ownership in the company as part of an executive incentive arrangement. The committee members plan to acquire Cramo Plc’s shares from the market for a maximum total of €2.5 million (U.S. $3.49 million), about 1 percent of the company’s market capitalization....
Terex AWP President to Address Europlatform Conference
Tim Ford, president of Terex Aerial Work Platforms, will deliver the keynote address at the Europlatform access rental conference on Sept. 15, at the Atahotel Expo Fiera in Milan, Italy. The conference will take the theme of “Access Rentals: Ready for the Rebound?”...
Aggreko Expands Brazil Facility
Aggreko, a global leader in providing temporary power and temperature control, has moved its Macae, Brazil, operations to a new, larger location. Aggreko has been offering rental power and temperature control services in Brazil since 2003, particularly to the oil and gas sector. The new facility, five times the size of Aggreko’s current branch, will allow the company to increase the size of its workforce and the amount of equipment it can keep in the region....
Northbridge to Raise £2 Million to Grow Rental Fleet
U.K. industrial services and rental company Northbridge Industrial Services is raising about £2 million (about U.S. $3.3 million) by way of an open offer to expand its existing rental fleet. The company said the decision was in line with its strategy of buying and developing rental assets to complement its existing industrial rental equipment activities....
Manlift to Offer IPAF-Certified Training in UAE
Manlift, a division of The Netherlands-based aerial rental company Riwal, has become an International Powered Access Federation-certified training company from its Dubai, United Arab Emirates, headquarters. Manlift will offer the aerial training at its teaching facility or onsite if the customer has appropriate facilities....
Sandvik’s Order Intake Drops More Than 40 Percent in April and May
Sandvik, Swedish manufacturer of tools for metal cutting and mining and construction-related tools and equipment, last week said its order intake rate declined in April and May to a level 40 to 50 percent lower than the same period in 2008. The company’s production rate has fallen below the order-intake rate by about 10 percent during the second quarter....
India’s Ashok Leyland and Deere Joint Venture Delays Production
Commercial production at Ashok Leyland John Deere Construction Equipment co., the 50-50 joint venture between Deere and Ashok Leyland, will be delayed by about a year, according to online news reports from India’s Business Line....
Canadian Housing Starts Increase in May
The annual rate of housing starts in Canada increased to 128,400 in May compared with 117,600 in April, according to the Canada Mortgage and Housing Corp., adding that the increase is broadly based, including single- and multi-family homes....
Manulift Holds Open House at Varennes, Quebec, Facility
Quebec aerial equipment distributor Manulift held an open house on May 29 at its new facility in Varennes, Quebec. ...
Tutt Bryant’s Annual Net Profit Drops 46 Percent
Australian crane and equipment rental company Tutt Bryant Group reported a 46-percent drop in annual net profit for its full fiscal year ended March 31, with most of the decline in its second half. Net profit for the year was AU$14.2 million (about U.S. $11.3 million), down from AU$26.6 million in the previous fiscal year. Group revenue was AU$321 million, a 6-percent year-over-year increase....
Aggreko Awarded ERA’s Rental Company of the Year
Power and temperature control rental giant Aggreko was named 2008 Rental Company of the Year at the European Rental Awards presented in Manchester, U.K., by the European Rental Association and International Rental News....
John Deere Adds Dealerships in Russia
John Deere last week added two new dealers in Russia. The dealers, Universal Spetstechnica, based in Moscow, and Agro-Construction Technologies, based in Krasnodar, will together cover much of Russia. UST's territory will be the Central, Urals, Siberia and Volga Federal districts of Russia, while ACT will represent the Southern Federal district of Russia....
UK’s Vp Posts 8 Percent Pre-tax Profit Hike
U.K. rental company Vp posted an 8-percent increase in pre-tax profit for its fiscal year ended March 31, which it attributed to its diversified fleet. Pre-tax profits were £21.7 million (about U.S. $35 million), compared with £20.2 million in 2008....
Speedy Posts Loss for Fiscal 2009
Speedy Hire, the U.K.’s largest tool and equipment rental chain, last week posted an annual pre-tax loss of £70.6 million (about U.S. $114 million) for its fiscal year ended March 31, and said trading in the new financial year remained “challenging.” The loss compares with a profit of £30.5 million in the previous fiscal year....
Hirepool Names New National Managers
New Zealand national rental chain Hirepool named Kingi Pikaahu national manager of the Hirepool Access division, and Colin Wickman national manager of the Hirepool Energy division. Auckland-based Hirepool is part of the New Zealand Rental Group....
Tat Hong Net Profits Drop 23 Percent
Singapore-based crane rental company Tat Hong posted a 23-percent decline in net profit to SD $68.9 million (about U.S. $47.7) for its full year ended March 31 because of a global economic slump that has dampened demand. Full-year revenue was essentially flat, declining 1 percent to $632 million....
Zoomlion Opens Crawler Crane Plant
Changsha Zoomlion Heavy Industry Science & Development Co. announced last week that the new crawler crane factory it built for 300 million Chinese yuan (about U.S. 44 million) has started operation in Zoomlion Ligu Industrial Zone in Changsha, Hunan Province, China....
Cat Opens First Branded Retail Lifestyle Store Opens in Dubai
Caterpillar Inc. last week launched its first pilot Cat-branded retail lifestyle store in the Dubai Mall in Dubai, United Arab Emirates. The store represents the first of several Cat-branded lifestyle stores planned in test markets around the world throughout the next two years. This foray into the global retail landscape reinforces Caterpillar as a lifestyle brand while maintaining a strong association with the qualities and attributes of the Cat and Caterpillar brands....
Caterpillar Chairman Urges Passage of U.S.-Panama Trade Promotion Agreement
Caterpillar Inc. chairman and CEO Jim Owens last week testified before the United States Senate Finance Committee in support of passage of a Trade Promotion Agreement between the United States and Panama....
Net Profit Drops 97 Percent for Ramirent in First Quarter
Ramirent, Helsinki, Finland-based rental giant, posted net sales of €122.2 (about U.S. $166.6 million) in the first quarter of 2009, a 24.6-percent decline from €162.1 million posted in the first quarter last year. Operating profit dropped 75.6 percent from €29.5 million in the year-ago quarter to €7.2 million in this year’s first quarter....
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