Industry Update
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Industry Update
Bobcat announces layoffs in North Dakota; Paladin announces acquisition of Magnum Systems Inc. and more.
By RPN Staff
While still early in the transition phase, the company anticipates increasing the production of a new line of larger Magnum mulcher attachments in the near future. These will target applications on higher horsepower wheel loaders and excavators and may be distributed through the companys other Brand Teams.
United to sell traffic control unit
United Rentals Inc. recently announced it will sell its traffic control unit to an entity created by private equity investors Wynnchurch Capital Partners and Oak Hill Special Opportunities Fund LP for $85 million.
Chief Executive Wayland Hicks said the all-cash sale to HTS Acquisition Inc. will help Greenwich, Connecticut-based United Rentals focus on general rentals, its main business, as well as its trench safety, pump and power businesses.
The transaction is expected to close in the first quarter of 2007, subject to adjustments. The traffic control unit rents such things as barricades, cherry pickers, light towers, signs and traffic cones, according to United Rentals website.
United Rentals expects a loss of 19 cents to 24 cents per share related to the sale in the fourth quarter. It also said the sale should not materially affect 2007 results.
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