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Verticon exits Cranes & Hoists

Australian Tower crane and hoist rental company has sold its crane and hoist business to Perth based D&G Hoists and Cranes for A$12 million – ($8.6 million).

The sale includes all of Verticon’s tower cranes, hoists, ancillary equipment, hire agreements and employees, other than those engaged solely in the Property Development Division. The proceeds of the sale will be used to reduce the company’s Westpac debt from A$41($29.5) to A$29million ($21million).

The sale of the Crane and Hoist Division is subject to shareholder approval at a meeting on Thursday 28 May 2009. Notice of the meeting will be sent to shareholders within the next few days.

Verticon’s managing director Andrew Torrington, said: “I am pleased that a sale has been negotiated to include all of the employees of the Crane and Hoist Divisions and provide continued service to the needs of our customers.”

“This sale now completes the disposal of Verticon’s Crane and Hoist Division. Verticon now looks forward to focusing and growing its Property Development Division and providing value to its shareholders going forward.”

Gino DeCesare managing director of D&G Hoists said: “I look forward in continuing to rebuild and expand the Verticon business model and working with Verticon’s existing employees and customers in building a nationally focused tower crane, hoist and mobile crane business”.

Verticon was founded in 2004 through a series of acquisitions including Seca in Queensland, Econ in Victoria and Fire Up Cranes & Rigging in New South Wales, which was acquired in September 2005. The company sold off its New Zealand business in late 2007 Click here to see Verticon exits New Zealand

The company has over 100 cranes and 60 hoists, the cranes include models from Favelle Favco, Liebherr, Potain, Comansa and Yong Mao,