Oshkosh Truck Corp., an Oshkosh, Wis.-based manufacturer of specialty trucks and truck bodies, last week announced the signing of a definitive agreement to acquire Iowa Mold Tooling Co., manufacturer of field service vehicles and truck-mounted cranes. The all-cash deal is valued at $131 million.
The acquisition is Oshkosh Truck’s second in fiscal 2006 to support its diversification strategy in the commercial specialty truck industry. It will strengthen Oshkosh’s North American distribution channel and provide new technology integration opportunities for other Oshkosh businesses.
IMT manufactures mechanics’ trucks, lubrication trucks and tire-service trucks, as well as truck-mounted telescopic cranes, articulating cranes and wallboard loaders. IMT, headquartered in Garner, Iowa, is expected to operate as a wholly owned subsidiary of Oshkosh Truck Corp.
“IMT’s growth in recent years has consistently outpaced the market,” said Robert Bohn, Oshkosh chairman, president and CEO. “IMT has built leadership positions in terms of market share, technology, distribution and brand recognition within the service vehicle and truck-mounted crane markets.”
Completion of the transaction is subject to customary approvals and conditions and is expected to close before the end of September.