Nuts & Bolts
Acquisitions, expansions & other business news
Flux Power announces Sales Order backlog of $13.7M for Lithium-ion Battery Packs
2021, subject to customary closing conditions, including regulatory approval under the HartScott-Rodino Act. www.he-equipment.com
Flux Power Holdings, www.manitowoc.com Inc. announced that on July 20, 2021, its sales order backlog reached $13.7M. Combilift’s 60,000th truck delivered These battery packs, to be delivered to customers in the current and subsequent quarters, will be used to power material handling equipment, airport ground support equipment (GSE), and other industrial equipment. The $13.7M in sales order backlog represents the Company’s highest open sales orders and reflects the Company’s growing customer base and recovering status of some of its COVID-19 impacted customers. www.fluxpower.com
Nucor acquires Hannibal Industries for $370 million
The Irish manufacturer Combilift recently marked a further milestone when its 60,000th Nucor unit came off the production lines at the company Corporation headquarters in Monaghan and was shipped announced to the other side of the world. The customer on July 21st taking delivery of this special forklift is Metroll, that it has entered into an agreement to purchase an Australian manufacturer and supplier of steel Hannibal Industries, Inc. for $370 million, which building products including roofing, cladding, represents 6.9x EBITDA for the trailing twelve rainwater, structural, and fencing. Combilift CEO months ended March 2021. The company and Co-Founder Martin McVicar commented: is a national provider of racking solutions to “This is a great achievement for Combilift, warehouses and serves the e-commerce, industrial, particularly as almost every truck we manufacture food storage, and retail segments. Pending is a one-off, designed for specific and individual approvals, Nucor will purchase 100 percent of requirements. There are very few other companies, Hannibal Industries’ outstanding shares from its if any, that can offer this level of customization Employee Stock Ownership Plan (ESOP). whilst manufacturing in such volume. The first half www.nucor.com www.hannibalindustries.com of this year has been by far the best in our 23-year history for the number of orders we have received – not just for Combi-CB models but across our H&E Equipment Services sells crane complete product range.”
business for $130 million
H&E Equipment Services, Inc., (“H&E”), announced that it has entered into a definitive agreement to sell its crane business to a whollyowned subsidiary of The Manitowoc Company, Inc., a global manufacturer of cranes and lifting solutions, for $130 million in cash. The transaction is expected to close during the fourth quarter of 26
www.MHWmag.com
September 2021
www.combilift.com
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