Finning International's U.K. subsidiary, Hewden Stuart Plc, has divested its Tower Cranes business for an undisclosed sum. The business has been sold to H.T.C. Plant Limited, which is a subsidiary of P.C. Harrington Holdings Limited. P.C. Harrington is a longstanding customer of Hewden and controls a group of companies involved in specialist trade contracting and associated support services on some of the largest construction projects in the United Kingdom. The transaction closed Oct. 2, 2002.
The trend in the tower crane industry structure, away from a pure rental of cranes toward a full subcontract of tower cranes services, influenced the company's decision to sell the tower crane business.
“This sale is part of Hewden’s strategy to focus on its core equipment rental business and to consolidate its position as the leading equipment rental company in the U.K.," said Finning CEO Doug Whitehead. "The sale’s proceeds will be used to invest in Hewden’s expanding equipment rental portfolio such as the recently announced acquisition of the majority of the remaining assets of Maxxiom Limited. This sale enables both parties to develop their core businesses and further enhances their long-term business relationship.”
Finning International is No. 17 on the RER 100.
