Oshkosh Corp. last week announced that it has signed a definitive agreement with the U.S.-based investment firm Platinum Equity to sell the Geesink Norba Group, a wholly owned subsidiary of Oshkosh based in Emmeloord, The Netherlands. Oshkosh will retain ownership of its Romanian facility that supplies fabrications to both Geesink Norba Group and JLG Industries. Financial terms of the transaction were not disclosed.
The transaction, which is subject to regulatory approval and normal closing conditions, is expected to close during the second half of Oshkosh’s fiscal year 2009.
Platinum Equity is a global firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.
Oshkosh Corp. is a leading designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles, and vehicle bodies. Oshkosh manufactures, distributes and services products under the brands of Oshkosh, JLG, Pierce,McNeilus, Medtec, Jerr-Dan, BAI, Oshkosh Specialty Vehicles, Frontline, SMIT, Geesink, Norba, Kiggen, CON-E-CO, London and IMT.