19.06.2006

Maxim Crane to sell or merge

Maxim Crane Works has announced that it is exploring alternatives which include a possible merger or sale of the business, having successfully exited chapter 11 in 2004.

The Pittsburgh based crane rental company has retained Goldman, Sachs & Co. to act as its financial advisor during the process. After going through a chapter 11 bankruptcy process in 2004 and avoiding a takeover by Amquip, the company has seen revenues rise.

Revenues for 2005 increased by more than 10 percent compared with 2004 and according to the company first quarter of 2006 numbers are up by a further 21 percent.

Maxim officials said the company, the largest crane company and eight largest rental company in the USA, anticipates no changes to its existing business strategy while it considers strategic alternatives.