Tanfield Group, the United Kingdom-based vehicle manufacturer which acquired Dublin-based aerial work platform manufacturer UpRight Inc. last spring, last week announced its intention to raise 20 million pounds (about U.S. $38 million) through a major share placing.
Tanfield officials said sales from UpRight have grown from about 150,000 pounds per week (about U.S. $284,000) to 1 million pounds per week (about U.S. $1.89 million).
The company said it will raise money to finance growth, reintroduce 10 old models, increase its supply of spare parts and drive the expansion of its electric-powered vehicle division. It intends to invest in its international dealer network and increase the number of independent distributors who sell its products from 145 to about 200, and grow U.S. aerial work platform sales to about 100 million pounds ($U.S. 189 million) in three years.
Tanfield has doubled its forecast of the sales of UpRight products in 2007.
