WELCOME TO FORKLIFTACTION.COM, MATERIALS HANDLING ONLINE.
This is issue #51 of your personal newsletter - April 4, 2002.
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The independent, global newsletter for industry professionals.
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IN THIS ISSUE:
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INSIDE FORKLIFTACTION.COM
1. PRESTO LIFTS SINKS AS CREDITORS MOVE IN
2. WINNERS PRAISED IN UK'S FORKLIFT OSCARS
3. NISSAN, LPM SIGN MARKETING AGREEMENT
4. PHILIPPINES RECOVERY SIGNALLED
5. LIFT-TEK ACQUIRES AURAMO MASTS
6. FORKLIFT TO THE RESCUE FOR STRANDED BOVINE


INSIDE FORKLIFTACTION.COM

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1. PRESTO LIFTS SINKS AS CREDITORS MOVE IN
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PAWTUCKET, USA - Presto Lifts Inc has been forced into bankruptcy and sold after a surprise attack by its creditors.

The new owner, Southworth International, paid USD4 million for the company.

According to financial statements obtained by Forkliftaction.com, three unnamed creditors filed an involuntary bankruptcy petition under Chapter 7 of the US Bankruptcy Code in the United States Bankruptcy Court for the District of Rhode Island on March 28, halting negotiations already underway between TBM Holdings Inc (Presto's parent), Presto, and Bank One.

On March 29, Presto applied for and was granted a modification of the bankruptcy petition from a Chapter 7 to a Chapter 11 filing, allowing the sale to Southworth International to go ahead on April 1.

Presto and TBM had been negotiating with Bank One over a proposed foreclosure on "substantially all the assets of Presto" which were collateral for debts owed by sister company Long Reach Inc. The negotiations were suspended after the bankruptcy filing. No details of Long Reach's Bank One debts were revealed.

Presto had shut workers out of its Pawtucket manufacturing plant late last month, two weeks after telling them the company was for sale and there could be layoffs.

The Providence Journal reported that TBM said sales at Presto and Long Reach had fallen because of a 39 per cent drop in forklift orders in 2001.

Neither TBM president William Schwartz nor vice president William Sample could be contacted before deadline.

Presto's annual sales in 1999, the latest figure available, were USD17 million.


2. WINNERS PRAISED IN UK'S FORKLIFT OSCARS
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BIRMINGHAM, United Kingdom -- Organisers of last month's Fork Lift Truck Association (FLTA) Awards 2002 say the event was the "biggest and best" in its seven-year history.

More than 500 forklift industry figureheads packed the Hilton Metropole for the "Archies", the FLTA's version of the Oscars. FLTA chairman Brian Warbrick said the event attracted more nominations and sponsors than in the past.

"This event has come from humble beginnings to be the premier event on the materials handling calendar. Winning an Archie is a huge endorsement," he said.

The ceremony included presentations to companies which had been FLTA members for 25 years. Plaques were presented by FLTA president Brian Nealon to DAC Plant managing director Alexander Dix and Watts Industrial Tyres managing director Doug Pearson.

The winners were:

Safety - System 5000, Pyroban Group. Other nominees were Ausa and Jungheinrich GB Ltd.
Environment - AC technology, Mitsubishi Forklift Trucks. Other nominees were Barloworld Handling and Jungheinrich GB Ltd.
Ergonomics - Swivel seat, Still Material Handling. Other nominees were Ausa and Jungheinrich GB Ltd.
Innovation - MACBAT battery regeneration system, Barloworld Handling. Other nominees were Combilift, JCB Compact Products Ltd, Jungheinrich GB Ltd and BT Rolatruc Ltd.
Supplier of the year - Albury Asset Rentals. Other nominees were Bolzoni Rentals Ltd, Deta Batteries Industrial Division, Transmon Engineering and TVH UK Ltd.
Apprentice of the year - Richard Simpson, Barloworld Handling.
Services to the forklift industry - Freddy Brown, Translift Engineering.
Services to the FLTA - Paul Bateman, former chairman.

Mr Warbrick said "the high quality of nominees and winners demonstrates that this industry continues to find innovative, new ways to increase productivity and enhance safety ... while taking a responsible attitude to the environment".


3. NISSAN, LPM SIGN MARKETING AGREEMENT
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(r)LBF:\data\NEWMARENGO, USA -- Nissan Forklift Corporation North America and Lift Parts Manufacturing (LPM) have entered a joint marketing agreement in which Nissan dealers will access LPM's parts network.

LPM, which has more than 250,000 parts, will offer distributor status and technical and sales support to Nissan Forklift dealers. In return, LPM will be promoted as part of Nissan's Duralift preferred parts dealer program, and will support Nissan at trade fairs.

"This new association will bring immediate benefits to everyone involved," said LPM vice-president Luke Dantuono. Nissan Forklift customer satisfaction vice-president Larry Borre said "LPM and Nissan's strengths complement each other very well".

LPM, based in Grayslake, Illinois, manufactures and distributes parts and provides information services. Nissan Forklift, based in Marengo, Illinois, manufactures a full range of internal combustion and electric forklifts.


4. PHILIPPINES RECOVERY SIGNALLED
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MANILA, Philippines - With the Philippines construction sector starting to improve, the forklift leasing market faces a bright future.

Many companies are now outsourcing materials handling requirements, particularly for forklifts and cranes, rather than buying new machines, says Ram Ramos, sales manager of leasing company Capital Industries Inc.

He said signs indicated a recovery after June. Already, Capital had signed contracts with large companies, including three-year deals with Caltex and Goodyear, for forklifts and services.

"Large companies, on tight budgets, prefer to outsource to forklift distributors for materials handling equipment rather than buying new," he said.

Capital sells and leases TCM, Toyota and Mitsubishi forklifts, Logitrans, Bishamon and Soosug stackers and hand pallet trucks.


5. LIFT-TEK ACQUIRES AURAMO MASTS
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PIACENZA, Italy -- Lift-Tek Elecar Europe has bought the mast division of Auramo from Bolzoni SpA.

Lift-Tek Elecar Europe managing director Konrad Ostmeier and Bolzoni chief executive officer Roberto Scotti announced the deal on April 2. It includes all intellectual property, designs, associated manufacturing assets and sales activities. The value of the purchase was not released.

Lift-Tek group chairman Bill Harrison said the company would supply masts to Bolzoni-Auramo and Brudi for the next five years. "This acquisition complements the strategy of Lift-Tek to offer the broadest product range of front-end equipment for the lift truck industry," he said.

The addition of Auramo's mast division expands Lift-Tek's product range, with additional mast models and configurations for attachments and special applications in the five to 20-tonne range.

The Piacenza facility adds to Lift-Tek Elecar's existing facility there, and complements its other manufacturing plants in Guelph, in Ontario, Canada; Westminster, South Carolina; and Vaggeryd, Sweden.

Lift-Tek offers a broad line of masts in two, three, four and five-stage configurations and a range of integral sideshifters.


6. FORKLIFT TO THE RESCUE FOR STRANDED BOVINE
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TODMORDEN, United Kingdom -- Firefighters have used a forklift to rescue a cow that got stuck on a factory roof.

The cow bolted from a field and got stuck on the roof of a furniture factory, which is built into a hillside, when its legs pierced the roof tiles.

News service Ananova said a forklift was driven up a ramp onto the roof, and hoses were slung around the cow to hoist it down. Ananova quoted a fireman as saying: "It was tough".


ends