14.11.2005

Thomas enters telehandler market

Thomas Equipment Inc. the Canadian based skid steer producer has announced that it has completed a letter of intent to acquire the assets of Tovel manufacturing, a Canadian producer of rough terrain forklifts, including telehandlers which are known as Tovelazer.

Thomas has also reached an agreement in principal with Hyundai Heavy Industries, Ltd, to expand its strategic OEM agreement to include the Tovel line of products in the agreement. Hyundai purchases Thomas products which it markets under its own brand.

Tovel, which is based in Concord near Toronto, was founded in 1970 and entered the telehandler market in 1990, following the success of its 4x4 Rough Terrain masted forklifts.
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A Tovel Telehandler (Tovelazer) with winch for crane work

"This acquisition is a compelling value proposition for Thomas. Building upon our already solid relationship with Hyundai, we will accelerate the distribution of Tovel products," Thomas Chairman David M. Marks said.

Thomas also announced today that it will open a new European sales and logistics centre in a suburb of Brussels, Belgium.
The new 7,000 square metre facility will have showrooms for the full line up of Thomas Equipment skid steer machines as well as the new telescopic handling equipment (Tovel). The centre will include a demonstration work area where customers can test drive equipment.
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A Tovel low boom mount telehandler (Tovelazer)

The company says that the new logistics centre will stock an extensive inventory of equipment in order to better serve its distribution network in Europe.
"Thomas Equipment has had a strong market presence in Europe and this new HQ and logistics centre will enable us to incorporate new products for the future and closer ties to our dealer network," said Clifford Rhee, President & CEO of Thomas Equipment.