Trends Analysis
Private Equity Group Acquires Essex Crane Rental
Hyde Park Acquisition Corp. recently announced that it has entered into a definitive agreement to acquire privately held Essex Crane Rental Corp., which owns the largest specialized fleet of lattice-boom crawler cranes and attachments in North America....
Headline News
Maxim Acquires Crawler Crane Fleet from Barnhart Crane
Maxim Crane Works last week acquired a fleet of large crawler cranes and certain related assets from Barnhart Crane and Rigging pursuant to an asset purchase agreement. Financial terms of the transaction were not disclosed....
RSC Prices Senior Unsecured Notes
RSC Equipment Rental said last week that it has priced an offering of $400 million aggregate principal amount of 10 percent senior secured notes due 2017. The company had previously announced a proposed offering of $300 million and the offering size increased to $400 million based on strong market demand. The senior secured notes are being co-issued by RSC Equipment Rental’s parent company RSC Holdings....
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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....
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Wall Street Beat
The Stock Block
Check in on some of the latest stock prices for publicly traded rental companies and popular construction equipment and general tool manufacturers related to the rental equipment industry. ...
Gehl Amends Credit Facility with Bank Lenders
Manitou last week announced that its subsidiary, Gehl Co., has entered into an amendment of its bank credit agreement allowing continued borrowing for the next 24 months. Gehl’s amended credit agreement with its U.S. bank lenders provides for a total credit commitment of $105 million and a term of 24 months....
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Supply Side
800 Employees Accept Voluntary Separation Initiative at Deere
Deere & Co. last week said that approximately 800 salaried employees will leave the company as a result of a voluntary separation program announced in April. This total will enable the company to achieve first-year savings of approximately $75 million after a pretax expense of about $100 million primarily in the fourth quarter of 2009. Previously, the company had estimated a pretax expense for the program of $50 million. This amount was reflected in the annual earnings guidance issued as part of the second-quarter earnings release on May 20....
Atlas Copco Extends Hydraulic Breaker Warranty Coverage
Atlas Copco has extended the warranty for light and medium hydraulic breakers to three years, the company said last week. The newly developed 1+2 program is a free-of-charge offer for all SB and MB range hydraulic breakers acquired after July 1....
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RER & The Environment
Atlas Copco Offers Compressors Certified for 100-Percent Energy Recovery
Atlas Copco is introducing the Carbon Zero range of air compressors equipped with advanced heat recovery systems. Capable of recovering 100 percent of the electrical energy input for heating water, these compressors are designed to dramatically reduce energy costs for a number of industries. According to the company, the compressors are the first in the world to be certified by the TÜV institute as having “net zero energy consumption” at specific design conditions....
New Energy and Climate Legislation Creates New Green Building Opportunities
The U.S. Green Building Council last week commended the House of Representatives for passing landmark energy and climate legislation that includes several significant provisions to incentivize and accelerate the benefits of green building across the country....
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Bricks & Clicks
Point-of-Rental Systems Chosen by True Value as a Recommended Rental Management Software Platform
Point-of-Rental Systems, a provider of Windows Server based rental management software, announced today that it has been approved by the True Value Company as a software provider for its franchise rental stores operating under the Grand Rental Station, Taylor Rental and Party Central banners. ...
Stens All New Live Tech Chat Feature
Stens recently launched its new Live Tech Chat feature for assistance when shopping the company’s extensive parts offering online. ...
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Contractor News
Contractor Breaks Ground on Alaska’s Goose Creek Corrections Center
Anchorage, Alaska-based general contractor Neeser Construction recently broke ground on Alaska’s Goose Creek Corrections Center. The $240 million project, located near Point MacKenzie, Alaska, is the largest building construction project for the state in recent history. The 435,000-square-foot medium-security facility will house more than 1,500 inmates and is scheduled to be completed in late 2011. The project is expected to create about 700 construction jobs and approximately 400 full-time jobs once construction is complete....
Stimulus-Funded Projects Creating New Jobs Nationwide, AGC Reports
Construction companies nationwide are reporting that the stimulus bill passed in February is enabling them to hire new workers, according to a reported issued by the Associated General Contractors....
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