St. Paul Travelers and USI Rental Specialties recently completed a comprehensive study examining the type of equipment and operations most often involved in general liability losses for rental centers. The study examined approximately 3,500 general liability losses involving rental equipment (directly and indirectly) occurring from 1996 to 2002.
According to the data, the equipment most frequently involved in losses (total number) includes trailers, tents, personnel lifts, forklifts and chairs. This equipment accounted for more than two thirds of the number of claims reviewed.
The equipment with the highest severity (total cost) includes lifts, forklifts, trailers, tents, skid-steer loaders, scaffolding, saws and log splitters. These claims collectively account for more than 75 percent of the costs.
The type of equipment with the lowest severity of losses includes sanitation, car-top carriers and concrete equipment, which were less than 0.1 percent of the total cost and less than 1 percent of the total number.
Multiquip adds Texasdistribution center
Multiquip announces the opening of its new Fort Worth, TX distribution center. This ensures quicker product delivery and greater product availability for customers throughout the Southwest.
The new distribution center stocks Multiquip compaction and power generation equipment, concrete and masonry products, light towers and dewatering pumps. Several lines of Stow Construction Equipment products are also housed at the facility.
Multiquip now operates six U.S.-based Multiquip and Stow distribution centers, allowing the company to provide reliable 24- to 48-hour delivery to all customers and at the lowest possible cost to both the company and the customer.
Ingersoll-Randacquires pneumatic tool manufacturer Superay
Ingersoll-Rand Company has completed the acquisition of the remaining 25-percent interest in Superay International Limited, a manufacturer of pneumatic tools based in Changzhou, China. Terms of the transaction were not disclosed. Ingersoll-Rand acquired a 75-percent interest in Superay in a series of transactions in 2002.
Superay, which was founded in 1994, manufactures air-powered impact and ratchet wrenches, drills, sanders and die grinders. Its products are sold internationally as well as in China, primarily under the Ingersoll-Rand brand name. The company employs approximately 425 people at its manufacturing and engineering facility in Changzhou.
Neff purchased by Odyssey
Neff Corp. and Odyssey Investment Partners, LLC, a $1.2-billion buyout firm, recently announced the signing of a definitive agreement under which an affiliate of Odyssey will acquire Neff in a transaction valued at $510 million, including the refinancing of Neff’s debt. Management will retain a significant stake in the company.
Miami-based Neff said Odyssey will buy Neff’s equity for $240.5 million. Neff operates 66 outlets mainly in the southeast and western United States, generating revenue of about $250 million in 2004.
Following completion of the transaction, Neff will continue to be headquartered in Miami and will operate as a private company under the ongoing leadership of Juan Carlos Mas, president and chief executive officer, and other members of Neff management.
Bobcat unveils security and GPS package
Bobcat dealers will now offer the GlobalTRACS system with the ability to create virtual boundaries or “geo-fences,” triggering alerts when a machine leaves certain areas.
It also enables GPS tracking and transmits equipment’s location data, operating status and engine hours on demand or at automated intervals.
The system is compatible with the entire Bobcat line, including skid-steer loaders, all-wheel steer loaders, compact track loaders, compact excavators and more.
The GlobalTRACS system will assist rental stores in monitoring equipment operation status. Engine hour monitoring helps keep track of when service is due and enables strategic planning in taking equipment off-line for maintenance. Future capabilities of the system might include remote diagnostics, such as machine health status reports and remote troubleshooting. System enhancements will be added using wireless communication.