Gehl Co. said this week that it has repaid in full the amount that remained outstanding (about $18 million) under its $45 million secured credit facility amended in May 2010. The West Bend, Wis.-based manufacturer of compact equipment and subsidiary of Manitou said it has significantly reduced its outstanding borrowing using operating cash flows created in part by the cost-savings initiatives implemented in recent months.
That and Gehl’s recently announced strategic retail and fleet finance program partnership with De Lage Landen Financial Services positions Gehl to take advantage of market growth opportunities when the North American economy improves. These steps are also intended to assist the deployment of synergies with Manitou in North America and worldwide.
“In an unprecedented financial and economic environment, the Gehl and Manitou team have been successful in renegotiating our financing position in North America,” said Daniel Miller, president and CEO of Gehl Co. “This important achievement should bolster the confidence of our business partners and employees and allow us to devote our full attention to running the business and preparing for the upturn of the compact equipment marketplace.”