03.01.2003

New owner for Snorkel

Textron Inc has sold the Snorkel product line of its OmniQuip business unit as well as the OmniQuip Textron Inc. holding company to Elwood Holdings, LLC. Terms were not disclosed.

Under the deal all Snorkel inventory and equipment in the US, Australia and New Zealand, including the factories, passes to the new owner. Susan Bishop, a spokesperson for Textron, also confirmed to Vertikal.net that all Australian and New Zealand employees would be retained by the new owner. OmniQuip halted US production of the Snorkel platforms at its factory in Kansas early in 2002 but continued to make equipment at its factory in New Zealand.

The Snorkel product line had revenues of approximately $37 million during 2002 said a statement issued by Textron.

The new owners will try to revive the company following the June shutdown of the plant according to reports appearing in the St. Joseph News-Press of St. Joseph, Kansas.

The investors group is headed by Allen Havlin, president of FluidTech, a Snorkel supplier also based in Kansas.

Textron is retaining the SKY TRAK and Lull telescopic material handler product lines as well as the rights to the OmniQuip name. Revenues for the remaining product lines were approximately $220 million during 2002.

* Snorkel in New Zealand launched a new 15 metre trailer mounted platform in October. This month it is due to start production of new self-propelled telescopic booms with working heights of 17 metres and 18.5 metres.

Read more:

Snorkel ceases US production

Snorkel Europe GmbH closes