11.05.2009

Oshkosh to sell Geesink Norba

Oshkosh, owner of JLG, has agreed to sell Geesink Norba, its Dutch based refuse truck business to private equity company, Platinum Equity.

Oshkosh will retain ownership of its Geesink’s Romanian fabrication facility that supplies fabrications to both Geesink Norba and JLG. Financial terms of the transaction have not yet been disclosed.

The transaction, which is subject to regulatory approval and normal closing conditions, is expected to close before Oshkosh’s year end in September.

Vertikal Comment

Assuming that Oshkosh obtained at least a reasonable price for the business, this looks like a good move allowing it to reduce borrowings and focus on its two largest businesses – Defence and Aerial lifts.