14.12.2007

Lewis buys into New Zealand

Texas-based Lewis Equipment Company has expanded into New Zealand puchasing the Verticon Group's tower crane and hoist division for NZ$14.99 million (£5.8 million).

Included in the sale were all New Zealand-based tower cranes, hoists, ancillary equipment and hire agreements.
Verticon managing director Andrew Torrington said: "The sale is a strategic divestment which enables us to substantially reduce our borrowings and ongoing interest cost exposure."

Verticon will continue to operate its fleet of 14 crawler cranes and seven mobile cranes in New Zealand.

Torrington said: “This sale is part of the strategy in reviewing all parts of the business and will enable Verticon to refocus its energies on improving the financial position and cashflow of the Group and will lead to long term growth of the Australian based business.

Kyle Lewis, chairman and CEO of Lewis Equipment Company headquartered in Dallas, Texas said that the purchase of the business was good for both parties and he looked forward to working with Verticon in New Zealand.