Tag Archive for 'equipment manufacturers'

ASV Holdings, Inc. Signs Definitive Merger Agreement With Yanmar Holdings

ASV Holdings, Inc. (NASDAQ: ASV), a leading provider of rubber-tracked compact track loaders (CTLs) and wheeled skid steer loaders (SSLs) in the compact construction equipment market, today announced that it has entered into a definitive merger agreement with an affiliate of Yanmar Holdings (Yanmar). Under the terms of the agreement, which been approved by both the ASV and Yanmar Boards of Directors, ASV stockholders will receive $7.05 in cash for each outstanding share of ASV common stock, for a total value of $70.7 million. The ASV Board of Directors unanimously approved the agreement with Yanmar and recommends that ASV stockholders vote in favor of the transaction.

The combination of ASV’s compact track loaders and skid steer loaders with the compact equipment portfolio of Osaka, Japan-based Yanmar, creates a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks. The ASV employee base, its manufacturing and distribution facility, international distribution network and supply chain creates a strong platform for North American expansion and will be a key part of Yanmar’s long-term international growth plans.

The transaction is subject to approval by ASV stockholders and other customary closing conditions and is expected to close in the third quarter of 2019. In conjunction with the Merger Agreement, a subsidiary of Terex Corporation (NYSE: TEX), which owns 34% of the outstanding shares of ASV, has entered into a stockholder voting agreement in support of the Merger.

Andrew Rooke, Chairman, and C.E.O. of ASV commented, “We are excited to announce this value-maximizing transaction with Yanmar. Yanmar is a strong strategic buyer for ASV. Yanmar shares our vision to provide the highest-quality products values the long legacy of ASV and is committed to supporting its employees and distribution partners. In addition to maximizing value for ASV stockholders, the merger will create a strong platform for growth and expansion, bringing together two leading brands with similar cultures and creating value. The ASV product is complementary to the Yanmar portfolio of compact equipment creating a comprehensive equipment solution for current and future customers. Yanmar Compact Equipment will gain its only manufacturing facility in North America, here in Grand Rapids, Minnesota, and will contribute its considerable global presence and financial strength, making way for continued product development and innovation within the track loader and compact construction equipment category for years to come.”

Mr. Giuliano Parodi, Executive Officer of Yanmar Holdings, stated: “We believe that the ASV acquisition will significantly bolster Yanmar’s Compact Equipment offerings in the loader segment, a product range vital for success in the all-important North American market.” Mr. Parodi added, “With its highly-skilled workforce and quality CTL/SSL lineup, ASV is a great fit for both Yanmar’s focus on quality, and our growth and expansion plans in the North American and global markets as it will create a comprehensive and global provider of Compact Equipment with virtually no overlap in distribution networks.”

About ASV Holdings, Inc.

ASV Holdings, Inc. is a designer and manufacturer of compact construction equipment. Its patented Posi-Track rubber tracked, multi-level suspension undercarriage system provides a competitive market differentiator for its Compact Track Loader (CTL) product line with brand attributes of power, performance and serviceability. Its wheeled Skid Steer Loaders (SSLs) also share the common brand attributes. Equipment is sold through an independent dealer network throughout North America, Australia, and New Zealand. The company also sells OEM equipment and aftermarket parts. ASV owns and operates a 238,000 square-foot production facility in Grand Rapids, MN. For more informaitn visit www.asvi.com

About Yanmar

With beginnings in Osaka, Japan, in 1912, Yanmar was the first to succeed in making a compact diesel engine of a practical size in 1933. Then, with industrial diesel engines as the cornerstone of its enterprise, Yanmar has continued to expand its product range, services, and expertise to deliver total solutions as an industrial equipment manufacturer. As a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine equipment, machine tools, and components, Yanmar’s global business operations span seven domains.

On land, at sea, and in the city, Yanmar’s mission of “providing sustainable solutions focused on the challenges customers face, in food production and harnessing power, thereby enriching people’s lives for all our tomorrows” is a testament to Yanmar’s determination to provide us with “A Sustainable Future.”

For more information visit https://www.yanmar.com/global/about

 

 

AEM Announces ‘I Make America’ Award Winners

A record number of equipment manufacturing industry companies were recognized for their outstanding commitment to advocacy efforts on behalf of the industry at the Association of Equipment Manufacturers’ (AEM) recent Annual Conference.

Bob Crain of AGCO Corp., AEM Government & Public Affairs Committee chair, announces the AEM 2017 I Make America advocacy award winners at the recent AEM annual conference.

Thirty companies received AEM’s highest honor for their participation in I Make America, the association’s national grassroots campaign that advances the equipment manufacturing industry’s policy priorities. Twenty-two companies were recognized as Gold level supporters of I Make America, while an additional eight companies were honored as Legacy Award winners for reaching Gold level for five consecutive years.

“I Make America’s success depends on the strong support of member companies and their employees to educate elected officials about the equipment manufacturing industry’s role in driving economic prosperity and quality of life for all Americans,” said AEM President Dennis Slater. “The companies honored are leading the way for the Association’s advocacy efforts and we want to publicly thank them for their outstanding commitment and efforts.”

This year’s I Make America campaign – themed “Our Products. Our Jobs.” – brought a record number of elected officials to AEM member companies across the country. In addition, AEM members descended upon Washington in September for the first-ever I Make America Fly-In, where member company executives visited with 100 congressional offices and Trump administration officials to advance the industry’s policy priorities.

“This year our member companies hosted a record number of elected officials at equipment manufacturing facilities across the country to make the case for infrastructure investment, tax reform, free trade and a strong agricultural economy,” said AEM Vice President Kip Eideberg. “The success of our advocacy efforts is in large part due to the outstanding support of our member companies.”

2017 Legacy Award Winners

  • Blount International
  • Carlson Paving Products
  • Deere & Company
  • InQuest Marketing
  • Ken Cook Co.
  • Stellar Industries
  • Terex Corporation
  • Vermeer Corporation

Representatives from four AEM 2017 I Make America Legacy Award winners are pictured at the recent AEM annual conference (L-R) with AEM President Dennis Slater (far right) and AEM Vice President Kip Eideberg (far left): Jason Andringa of Vermeer Corp., Ken Cook of Ken Cook Co., Jerry Johnson of Blount International and John Lagemann of Deere & Co.

2017 Gold Award Winners

  • AGCO Corporation
  • Astec Mobile Screens
  • Calder Brothers
  • Caterpillar Inc.
  • CLAAS of America, Inc.
  • CNH Industrial
  • Cummins, Inc.
  • Custom Products of Litchfield, Inc.
  • Doosan Bobcat
  • General Kinematics
  • Gradall Industries
  • Hardi North America, Inc.
  • JCB, Inc.
  • JLG Industries
  • Johnson Crushers International
  • KOBELCO Construction Machinery USA, Inc.
  • Kolberg Pioneer
  • Kondex Corporation
  • Manitou Americas, Inc.
  • Sioux Corporation
  • Volvo Construction Equipment
  • Weiler

Representatives from several of the 22 companies honored with AEM 2017 I Make America Gold Awards are pictured at the recent AEM Annual Conference with AEM President Dennis Slater (far right) and AEM Vice President Kip Eideberg (far left).

For more information about I Make America, please visit www.imakeamerica.com/.

AEM is the North American-based international trade group providing innovative business development resources to advance the off-road equipment manufacturing industry in the global marketplace. AEM membership comprises more than 950 companies and more than 200 product lines in the agriculture and construction-related sectors worldwide. AEM is headquartered in Milwaukee, Wisconsin, with offices in the world capitals of Washington, D.C.; Ottawa, Canada; and Beijing, China.

AEM Director Questions Kasich on Trade at CNN Town Hall

AEM_logo_wo_cmykDennis Slater, the president of the Association of Equipment Manufacturers (AEM), issued the following statement after Tuesday’s Republican presidential town hall on CNN in Milwaukee.

During the town hall, Jim Walker, Vice President of Case IH North America, asked Ohio Gov. John Kasich about pro-manufacturing trade policy.
Slater said:

I join our hundreds of AEM member companies in applauding Jim Walker for using Tuesday’s town hall as an opportunity to help focus Wisconsin voters and a nationwide audience on the manufacturing issues that will matter on Tuesday in the Wisconsin primary. Trade is one of the many manufacturing issues at stake this Tuesday, along with taxes and regulation, infrastructure and a strong agricultural sector.

Our goal this election season has been to consistently communicate equipment manufacturers’ perspectives toward these issues to candidates, communities and tens of thousands of grassroots manufacturing voters across the country. I’m hopeful that Jim’s exchange lent them some clarity in determining their vote this election season.

Jim Walker, an AEM Director who serves as chair of AEM’s Ag Sector Board, added:

I’d like to thank both CNN and AEM for the once-in-a-lifetime opportunity to participate in Tuesday’s town hall. I wanted to ask Gov. Kasich about trade because, as someone who works for an equipment manufacturer, I see how this issue and many of the other issues we’ve heard about on the campaign trail actual play out in the real world.

I would like to thank Gov. Kasich for taking the time to offer his thoughts, and I hope that Wisconsin’s manufacturing voters found it helpful in determining their vote on Tuesday.

Walker’s question to Kasich was:

I represent a manufacturer, farm equipment manufacturer, here in Wisconsin that directly employs many thousands of people. Indirectly, as you can imagine, with farm equipment that we sell, we indirectly support many more thousand farmers who buy our equipment. On top of that we export about a third of our product that we manufacture here in essence. So in essence, we’re a global manufacturing company.

To spark a trade war right now would not only be detrimental to business, but all of those people directly and indirectly that I said we support.

My question to you is, as president, how would you engage in diplomacy that won’t hurt global manufacturing businesses?

Association of Equipment Manufacturers announces judges for 2013 AEM Hall of Fame

AEM_logo_wo_cmykThe Association of Equipment Manufacturers (AEM) announces that a distinguished panel of judges has been selected for the 2013 AEM Hall of Fame awards to be presented at the AEM Annual Conference on November 5, 2013 in Orlando, Florida.

The AEM Hall of Fame honors the pioneering individuals who have invented, managed, built and led the off-road equipment industry. Individually and collectively they represent some of the best, brightest and most influential minds in the history of the off-road equipment industry.

Judges for the AEM Hall of Fame include industry experts from the agriculture and construction sectors. They are:

  • Ken Anderson, Brownfield Ag News
  • Al Cervero, Association of Equipment Manufacturers
  • Marcia Gruver Doyle, Randall-Reilly
  • Lynn Henderson, AgriMarketing Magazine
  • Jay Kriss, Inspirit Creative
  • Mike Lessiter, Lessiter Publications
  • Charlie O’Brien, Association of Equipment Manufacturers
  • Stan Orr, Association of Equipment Management Professionals
  • Greg Sitek, Associated Construction Publications
  • Mike Steenhoek, Soy Transportation Coalition
  • Rod Sutton, Construction Equipment Magazine
  • Chris Wehrman, American Rental Association

Visit the AEM Hall of Fame website for biographies of the judges.

AEM Hall of Fame nominees are judged on five guiding principles crucial to the health of the off-road equipment manufacturing industry: innovation, industry contributions, leadership, corporate citizenship/social responsibility and sustainability.

Since its inception, more than 40 leaders in the industry have been inducted into the AEM Hall of Fame.

For more information about AEM Hall of Fame or the nomination process, contact AEM’s Jordanne Waldschmidt (jwaldschmidt@aem.org, Tel: 414-298-4152).

About the Association of Equipment Manufacturers (AEM) – www.aem.org
AEM is the North American-based international trade group providing innovative business development resources to advance the off-road equipment manufacturing industry in the global marketplace. AEM membership comprises more than 850 companies and more than 200 product lines in the agriculture, construction, forestry, mining and utility sectors worldwide. AEM is headquartered in Milwaukee, Wisconsin, with offices in the world capitals of Washington, D.C.: Ottawa, Canada; and Beijing, China.

Exports Of U.S.-Made Construction Equipment Grew 13 Percent In 2012 To $26.7 Billion – Year-End Numbers Reflect Weaker Global Environment

AEM LogoExports of U.S.-made construction equipment topped 13 percent in 2012 compared to the previous year for a total $26.7 billion, with South America and Asia reporting the weakest gains, according to the Association of Equipment Manufacturers (AEM), citing U.S. Commerce Dept. data it uses in global markets reports for members.

AEM noted that the 13-percent gain for 2012 follows 43-percent growth in 2011 and 28-percent growth in 2010, after a 2009 decline of 38 percent in the depths of the recession.

“Exports have been called a bright spot for the U.S. economy, and this has been especially true for construction equipment manufacturers. Exports have been essential to our industry’s rebound as we continue to struggle with uneven U.S. markets,” stated Al Cervero, AEM vice president and construction sector leader. “With this global slowing and continued domestic market uncertainties, it’s more important than ever for our lawmakers to enact job-creating export and manufacturing policies.”

U.S. construction equipment exports to Asia grew 2 percent compared to the previous year for a total $3.2 billion, while exports to South America increased 6 percent to total $4.6 billion.

Central America’s purchases of U.S. construction equipment gained 13 percent for a total $2.3 billion; exports to Europe also grew 13 percent, and totaled $3.2 billion; and exports to Africa increased 14 percent to $1.5 billion.

Exports of U.S. construction machinery to Canada gained 12 percent for a total $8.1 billion, and exports to Australia/Oceania jumped 42 percent to total $3.9 billion.

The top 10 export destinations for American-made construction machinery in 2012 by dollar volume: (1) Canada – $8.1 billion, up 12 percent; (2) Australia – $3.8 billion, up 43 percent; (3) Mexico – $1.8 billion, up 13 percent; (4) Chile – $1.7 billion, up 25 percent; (5) South Africa – $894 million, up 31 percent; (6) Brazil – $886 million, down 7 percent; (7) Belgium – $806 million, up 43 percent; (8) Peru – $779 million, up 36 percent; (9) Russia – $715 million, up 10 percent; (10) China – $680 million, down 25 percent.