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JLG buys telehandler form for $100 million

July 09, 2003

McCONNELLSBURG, Pa. - JLG Industries said Tuesday it will acquire the OmniQuip business unit of Textron Inc. for $100 million.

JLG will purchase the assets of Trak International Inc., which includes the Sky Trak and Lull brand telehandler products for $100 million in cash, according to news releases issued by JLG and Textron.

JLG, the McConnellsburg-based producer of mobile aerial work platforms, telehandlers and telescopic hydraulic excavators, said the sale has been approved by the boards of directors of both companies and is subject to federal regulatory approval.

OmniQuip, based in Port Washington, Wis., manufactures and markets telescopic material handlers. The company's products are used in numerous applications by commercial and residential building contractors. It is also a key supplier of telescopic material handlers to the U.S. Army, according to a JLG press release.

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In 2002, OmniQuip generated revenues of approximately $217 million.

"The Sky Trak and Lull brands, like our JLG and Gradall brands, have solid brand name recognition and are known for innovation, quality, reliability and durability," said Bill Lasky, JLG's chairman of the board, president and chief executive officer.

"This acquisition is consistent with our strategic direction of remaining focused on our core area products," Lasky said in the release.

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