Garner, Iowa - Iowa Mold Tooling Co. Inc. (IMT), a leader in field service vehicles and truck-mounted cranes, has announced the signing of an agreement to be acquired by Oshkosh Truck Corporation [NYSE: OSK] through a merger. IMT is a portfolio company of American Capital Strategies, Ltd. [NASDAQ: ACAS].
"This is a great opportunity all-around for IMT," said Steve Fairbanks, president of IMT. "Oshkosh's acquisition strategy states that they acquire market leaders, and we are honored that we are seen in that light by a company as prestigious as Oshkosh. We look forward to learning from and sharing best practices with the portfolio of market-leading Oshkosh companies."
IMT is a leading North American manufacturer of field service vehicles - including mechanics trucks, lubrication trucks and tire service trucks. The company also produces truck-mounted telescopic cranes, articulating cranes and wallboard loaders. Oshkosh Truck is a leading manufacturer of specialty commercial, fire and emergency, and military trucks, and truck bodies with brand names such as Pierce® fire trucks, McNeilus® concrete mixers, Jerr-Dan® wreckers and London® concrete mixers. With sales of about $3 billion for its fiscal 2005, Oshkosh employs more than 8,000 people worldwide.
Officials at IMT are pleased with this transaction. IMT is headquartered in Garner, Iowa, and employs about 375 people, and the company is expected to operate as a wholly owned subsidiary of Oshkosh Truck Corporation's commercial segment.
"We're delighted to become a part of such an esteemed organization while at the same time getting to move forward with business as usual at IMT," Fairbanks said. "Oshkosh Truck has recognized IMT's brand equity and leadership, and this is a solid affiliation with a true truck equipment parent. We have worked very hard to be a leading brand in the industry, and we believe one of the few things that could be done to leverage and enhance that brand image is affiliation with such a respected company as Oshkosh."
Another standout feature of IMT is its strong distribution system that includes more than 80 dealers located throughout North America to provide local sales and service support to IMT's end-users. Longevity and close customer relationships characterize IMT's distribution network, as many dealers have been associated with the company for more than 20 years.
IMT believes its strong position in the marketplace was a deciding factor for Oshkosh, along with IMT's recent lean initiative to improve the entire scope of its manufacturing process.
The all-cash deal is valued at $131 million. The transaction is expected to be completed by September 30, 2006.
For more information on IMT, please visit www.imt.com.
Company Name: Iowa Mold Tooling Co. Inc.
Address 1: 500 Hwy. 18 W.
Address 2: Box 189
Country: United States
Phone: (641) 923-3711
Contact Name: Jennifer Oredson
Organization: Two Rivers Marketing
Title: Public Relations