24.09.2004

JLG announce new price increase

JLG announced a three percent price increase last week accross its entire product range. The increase is to be effective on all new orders.

This new price increase is just that, a price increase, compared to the Steel surcharge announced in March. While this price rise is therefore permanent, it has been driven by ongoing steel and component costs.

In spite of declaring that the steel surcharge would rise (or fall) regularly in line with steel price variations during the year, in order to cover the additional costs, JLG took a five million dollar hit in the last fiscal quarter from unrecovered steel price increases.

In a recent conference call JLG claimed that its main competitors Genie and Haulotte had not increased prices at all, possibly "in a bid to take some market share". In spite of this the company does not feel that it has actually lost market share. "They can't shift AWPs like we can" said JLG CEO Bill Lasky.