U.K.-based equipment manufacturer Belle Group is holding merger talks with French scaffolding and cement mixer manufacturer Altrad Group, the companies announced last week. The merger is expected to be completed in the first quarter of 2009.
Altrad specializes in the manufacture and sales of scaffolding, wheelbarrows and cement mixers and had about €419 million (about U.S. $612 million) in volume last year, according to reports. Belle manufactures and sells compaction equipment, cement mixers, concrete-finishing equipment, cutting equipment, mini-dumpers, power packs and breakers. According to sources, Beltrad had about €65 million (about U.S. $95 million) in the past year.
The companies said the merger would allow the combined companies to offer customers a broader range of products, and the ability to maintain and increase the rate of product development for the market.
“This merger is in line with the long-term strategy of Altrad,” said Dr. Mohed Altrad, CEO and majority shareholder of Altrad. Ron Blackhurst, chairman and majority shareholder in Belle Holdings said “The merger will ensure the product development that has been achieved over recent years can be continued and the strategy to become the ideal supplier to the rental customers, retail customers and professional users can be progressed. This will be positive for the employees based at the factories in the U.K. and Poland and offices around the world.”
The companies said existing management teams will remain in place.