Oshkosh Buys IMT

Posted on July 28, 2006

Oshkosh Truck Corp.’s recent acquisition and expansion surge has added another member as the Oshkosh, Wis. manufacturer said it will sign a definitive agreement to acquire Iowa Mold Tooling Co., Inc., a manufacturer of field service vehicles and truck-mounted cranes, through a merger.

Oshkosh says the acquisition continues its acquisition strategy to expand into complementary markets and strengthens service capabilities, and will add truck-mounted cranes and field service vehicles to its product line. It also offers opportunities for integrating crane technology into other Oshkosh products.

IMT is a North American manufacturer of field service vehicles, which are marketed to major construction equipment dealers, major construction companies and mining operations. Its line of service vehicles includes general mechanics trucks, tire service trucks and lubrication trucks. All are used to perform on site service, maintenance or repair operations at locations such as construction sites, quarries and mines.

The Des Moines, Ia. company also produces a broad line of truck-mounted cranes including wallboard loaders, telescopic cranes and articulating cranes for a variety of end markets. Telescopic cranes are installed on the majority of IMT's mechanics trucks, offering additional vertical integration.

"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 an opportunity for further expansion within the construction, mining and tire service markets," said Robert G. Bohn, Oshkosh chairman, president and chief executive officer. "IMT is a bolt-on acquisition aligned with our long-held acquisition strategy and allows us to expand the products and services offered to the types of markets we understand very well."

"The opportunity to increase our product and service offering to construction customers and to 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," Bohn said.