Industry News

Cranes Today (January 5, 2009) - Japanese crane manufacturer Tadano has bought 100% of the stock of the US niche telescopic crawler crane manufacturer SpanDeck Mantis for USD 37.5m, which included assuming USD 8.66m of debt and interest, Tadano reported on December 22.

Lift & Access (December 30, 2008) - Manitex International, Bridgeview, Ill., announced its 40- and 50-ton boom trucks have received CE certification, which opens for the door for these products to be distributed in central and eastern Europe.

MoneyControl.com (January 3, 2009) - Mahindra & Mahindra’s Farm Equipment Sector (FES), a part of the U.S. $6.7 billion Mahindra Group, maintained its leadership position in the tractor industry in December 2008. Cumulatively, during this fiscal, total sales (domestic + exports) were 75367 nos., as compared to 75728 nos. for the corresponding April – December period last year. Cumulative tractor sales in the domestic market in F09 were 69616 nos., as compared to 69842 nos. for the April – December period last year.

Wisconsin Ag Connection (January 5, 2009) - Kuhn North America Inc. has announced it has acquired the crop packaging division of Kverneland Group with its factory located in Geldrop, Netherlands. This facility specializes in the design and manufacturing of fixed- and variable-chamber round balers, big square balers, bale wrappers, rotary drum mowers, tedder-rake combinations and corn choppers.

BUSINESS WIRE via Yahoo Finance (January 5, 2009) - AGCO today announced that effective January 1, 2009, Lucinda Smith, former AGCO Vice President, Global Talent Management & Rewards, has been appointed Senior Vice President, Human Resources. Smith will assume all responsibilities associated with that position, including functional management of all HR organizations worldwide, interface to the Board of Director’s Compensation and Succession Planning Committees, and serve as an Officer of the Company.

Business Line (December 31, 2008) - Mahindra and Mahindra-owned Punjab Tractors Ltd on Tuesday announced its plans to sell its remaining stake of 14.4 per cent held in Swaraj Mazda to Sumitomo Corporation. Sumitomo already has a 39.49-per cent stake in the tractor and commercial vehicle company, Swaraj Mazda Ltd.

Korea Times (December 31, 2008) - Doosan Group announced changes to its top management, Wednesday. Following the reshuffle, Shim Kyu-sang, formerly a senior advisor to Doosan Heavy Industries & Construction, was promoted to president and chief operating officer (COO). Kim Woong-beom, the former executive vice president of the group's construction equipment unit, Doosan Infracore, was named CEO of the recently branched off Doosan DST.

PRNEWSWIRE-FirstCall via Yahoo Finance (December 22, 2008) - Vancouver-based Ritchie Bros. Auctioneers conducted its final unreserved auctions of 2008 last week and is pleased to announce a preliminary gross auction proceeds estimate of US$3.57 billion for the year. This represents a 12% increase over 2007 gross auction proceeds, making this the largest year in the Company's 50-year history. Ritchie Bros. (http://www.rbauction.com/), the world's largest auctioneer of industrial equipment, plans to release its full audited financial statements and Management's Discussion and Analysis for 2008 on February 26, 2009.

Reuters (December 31, 2008) - Oshkosh Corp has won a one-year contract worth as much as $1.1 billion for heavy and medium tactical trucks' support, the Defense Department said Wednesday.

Manitowoc (January 2, 2009) - The Manitowoc Company, Inc. today announced the completion, effective as of the end of the day on December 31, 2008, of the previously announced sale of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri). The net purchase price in the all-cash deal was approximately $120 million. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes.

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The Wichita Eagle (January 1, 2009) - Terramite, a compact construction equipment manufacturer based in Cross Lanes, W. Va., has been sold to Wichita, Kan.-based Coneqtec-Universal Construction Products.

FXStreet.com (December 22, 2008) - The Federal Reserve Board on Monday approved commercial finance firm CIT Group's bid to become a bank holding company, clearing the way for it to access up to $2.5 billion in capital from a federal financial rescue program.

Concern Tractor Plants (December 29, 2008) - Concern Tractor Plants N.V. successfully completed listing procedure on Frankfurt Stock Exchange. December, 29th, 2008. Shares were placed in the form of global depositary receipts (GDR’s) issued by the Deutsche Bank. This move is part of the company's strategic plan to expand internationally.

ForConstructionPros.com (December 29, 2008) - New Holland's L175 black-and-silver 35th Anniversary Skid Steer Loader, which was showcased at several industry events across North America this past year, has been purchased by Nebraska-based New Holland dealer Klein's Motor Electric Company in a tight 48-hour dealer bid. New Holland Construction has donated part of the sale's proceeds to United Way of the Plains, in Wichita, Kansas, home of New Holland's global manufacturing plant for skid steers and compact track loaders.

USAgNet (December 29, 2008) - Deere & Co. secured a $2 billion loan in mid-December with the help of the Federal Deposit Insurance Corp., which backstopped the deal, The Wall Street Journal reported.

Senior Product Consultant Greg Harness presents an overview of the regulations, timeframes, and various approaches relevant to the new emissions standards.

AgriMarketing (December 29, 2008) - Case Construction Equipment announced today that it has launched an extensive redesign of its Web site (www.CaseCE.com) to accommodate the needs of its global audience. Featuring a dramatic new look, robust content and an intuitive site structure, the optimized site provides streamlined navigation and useful resources for visitors to the site.