31.07.2006

IMT acquired by Oshkosh

Oshkosh truck Corporation has agreed to acquire Iowa Mold Tooling Co. Inc, or IMT as it is widely known, the American crane and specialist truck manufacturer. The all cash deal, worth $131 million, will be completed by the end of September in the form of a merger of the two companies. IMT is owned by American Capital Strategies, Ltd

IMT manufacturers a range of service vehicle bodies, including mechanics trucks, lubrication trucks and tyre service trucks. The company also produces truck-mounted telescopic cranes, articulating cranes and wallboard loaders. IMT is the HMF master distributor for North America, It has around 80 dealers across North America.
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A typical IMT field service truck.

IMT was founded in 1961, in Garner Iowa, originally remoulding tyres, but by 1965 was producing a fully equipped tyre service truck, a range of small truck mounted telescopic cranes came in the 1970’s followed by articulated loader cranes. In 2000 the company was acquired by publicly quoted American Capital Strategies, Ltd.
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An IMT articulated loader crane built by HMF

Oshkosh Truck produces specialty trucks for fire and emergency services, concrete pumps and mixers, and military trucks. Last year it acquired Jerr-Dan the tilt back and ‘wrecker tuck’ producer See Original Grove business changes hands

“This is a great opportunity all-around for IMT,” said Steve Fairbanks, president of IMT. “Oshkosh’s acquisition strategy states that they acquire market leaders, and we are honoured that we are seen in that light by a company as prestigious as Oshkosh. We look forward to learning from and sharing best practices with the portfolio of market-leading Oshkosh companies.”

Officials at IMT are pleased with this transaction. IMT is headquartered in Garner, Iowa, and employs about 375 people, and the company is expected to operate as a wholly owned subsidiary of Oshkosh Truck Corporation’s commercial segment.