DaimlerChrysler became the sole owner of Detroit Diesel by purchasing the outstanding 78.7 percent of the Redford, Mich., company's stock. The European Union Commission, which gave the deal antitrust clearance, said the acquisition ensures that Detroit Diesel will continue to be the main engine supplier of the German company's Freightliner unit.
The agreed purchase price was about $700 million. Penske Corp., a closely held transportation services company, was Detroit Diesel's major shareholder, with 48.6 percent of the stock.
"With the acquisition of this highly respected and internationally recognized diesel engine manufacturer, DaimlerChrysler has further enhanced and consolidated its global market position," said Juergen Schrempp, chairman of DaimlerChrysler. "While acknowledged as the number one commercial vehicle producer worldwide, we are also now the new leading manufacturer of heavy- and medium-duty on-highway diesel engines in the world."
DaimlerChrysler will take over Detroit Diesel's headquarters and engine plant in Redford and its international operations.
Ingersoll-Rand acquired an 80 percent interest in Nanjing Sanda Machinery, a Nanjing, China-based manufacturer of reciprocating air compressors.
The joint venture, Nanjing Ingersoll-Rand Compressor, brings to eight the number of Chinese joint ventures in which the Woodcliff Lake, N.J.-headquartered firm holds at least a 50 percent equity interest.
Elliott Equipment acquired Duluth, Minn.-based Vantage Point Manufacturing, maker of the Skywalk line of truck-mounted aerial work platforms. Those platforms now will be manufactured at Elliott's headquarters in Omaha, Neb.
OmniQuip-Textron Material Handling Technologies closed its Eagan, Minn., manufacturing facility, consolidating the Lull and Sky Trak product lines at its Port Washington, Wis., plant.
The relocation began this month and is scheduled to be complete by August 2001.
Aggreko broke ground on a $2.5 million building at its North American headquarters in New Iberia, La. The structure will accommodate the company's corporate and central support functions.
Aggreko's rental arm is No. 13 on the RER 100.
Clark Material Handling entered into a subcontract manufacturing agreement with Hoist Liftruck Manufacturing, a Chicago-based manufacturer of large lift trucks. Under terms of the deal, Hoist will be the exclusive subcontract manufacturer for Clark's line of heavy diesel and electric lift trucks.
Lexington, Ky.-based Clark and its Blue Giant and Hydroelectric Lift Trucks affiliates filed for reorganization under Chapter 11 of the Bankruptcy Code this year, and the agreement with Hoist is subject to the bankruptcy court's approval.
Caterpillar is offering a new line of towed scrapers as part of the company's alliance with Cepco.
The Peoria, Ill.-based company said the new machines are ideal for small and medium-size construction jobs. It will offer eight arrangements in the 15- to-18-cubic-yard size.
