Wisconsin-based Oshkosh Truck Corp. has a signed a definitive agreement with American Capital Strategies to acquire Iowa Mold Tooling Co. in a $131 million
Wisconsin-based Oshkosh Truck Corp. has a signed a definitive agreement with American Capital Strategies to acquire Iowa Mold Tooling Co. in a $131 million cash deal. Based in Garner, Iowa, IMT manufactures truck-mounted cranes, including models suitable for small to large precast products, and field service vehicles. With a North American distribution network of 80-plus dealers, it provides Oshkosh entry into two adjacent market spaces, and new technology integration opportunities of other Oshkosh business, company officials note. The transaction is projected to close by the end of September, with IMT functioning as a wholly owned subsidiary.
IMT has built leadership positions in terms of market share, technology, distribution and brand recognition within the service vehicle and truck-mounted crane markets. The company provides for further expansion in the construction, mining and tire service markets, says Oshkosh Chairman Robert Bohn. The opportunity to increase our product and service offering to construction customers and enter new specialty markets with industry-leading products was an appealing aspect of this acquisition. We have an understanding of the market drivers in the construction industry through our McNeilus subsidiary, and IMT’s other end markets have similar drivers.