this newsletter to an associate
|Forkliftaction.com helps you plan your advertising by providing a calendar of editorial features appearing in Forkliftaction.com News in the coming months.|
Features planned are:
March: Industrial batteries & chargers
April: The forklift market in China
May: Reach stackers
For the full editorial calendar, click here.
Editorial features are an excellent way for your company to share the spotlight of these features. Feature advertising rates start at USD330! Contact firstname.lastname@example.org for more information.
BOC recommends Linde offer to shareholders
British gas group BOC Group plc is recommending its shareholders accept Linde’s new offer to acquire BOC’s entire share capital for GBP16 (USD27.77) a share.
The offer is an improvement on Linde’s January offer of GBP15 (USD26.03) a share and is 39 per cent higher than the closing price of GBP11.51 (USD19.98) a share on January 23, the last working day before BOC announced Linde’s approach (Forkliftaction.com News #244
To fund the acquisition, Linde has entered into a credit facility with Commerzbank AG, Deutsche Bank AG, Dresdner Bank AG, Morgan Stanley International Ltd and the Royal Bank of Scotland.
Linde says it is considering “various strategic options for its materials handling business segment” but is silent on a possible sale of the segment that posted sales of EUR3.628 billion (USD4.322 billion) last financial year (Forkliftaction.com News #246
Linde’s gas and engineering segment’s total sales for fiscal 2005 were EUR6,061 billion (USD7.221 billion), accounting for 62 per cent of Linde’s total sales. Linde’s forklift business accounted for 38 per cent.
The credit facility will be refinanced through “the combination of a capital increase, hybrid capital, the issue of bonds, bank loans and the divestment of selected activities”, Linde said.
Subject to meeting all approvals, the transaction will create one of the world’s largest industrial gas and engineering companies with combined gas and engineering sales of about EUR11.9 billion (USD14.18 billion). Linde will benefit from BOC’s strength in the Asia-Pacific region while consolidating its position in Europe and South America.
Linde CEO Wolfgang Reitzle said he looked forward to welcoming the BOC management and employees into Linde.
“Linde and BOC are a perfect match. We will combine the best competencies and abilities of both organisations in a single integrated group and we will offer our customers a significantly enlarged product range and comprehensive services worldwide,” Reitzle said.
Linde has confirmed existing employment and pension rights of all BOC employees will be fully safeguarded. It said BOC managers and employees would benefit from “greater opportunities” in the Linde Group.
BOC CEO Tony Issac said:
“[The] offer represents an excellent opportunity for BOC shareholders to realise significant value in cash from their investment. The combination of BOC and Linde will create an even more powerful international gases group, with significant operations in all five continents.”
Linde says it is confident of meeting European and US competition authority clearance pre-conditions and gaining approval from BOC shareholders and the English courts. The pre-conditions are expected to be satisfied by May 2006 and the transaction finalised in the third quarter of 2006.
Linde grew faster than US market
Linde AG improved growth in all business areas to post group sales totalling EUR9.501 billion (USD11.319 billion) for fiscal year 2005, up 7.3 per cent from 2004’s EUR8.856 billion (USD10.551 billion).
Linde’s gas business increased sales 10.9 per cent to EUR4.438 billion (USD5.287 billion). Its engineering business increased sales 2.7 per cent to EUR1.623 billon (USD1.934 billion) and its materials handling business increased sales 7.6 per cent to EUR3.628 billion (USD4.322 billion).
Operating profit for Linde materials handling increased 14.9 per cent to EUR223 million (USD277.6 million) and the new GO program, replacing the TRIM.100 program, was one reason for the increase. TRIM.100 was Linde’s process optimisation program from 2003 to 2005, credited with enabling the company to achieve cost savings (Forkliftaction.com News #203
). The GO program is aimed at improving cost structures and opening new growth areas.
In Asia, the industrial trucks market grew 7.8 per cent and Linde achieved a 2.5 per cent increase in sales to EUR162 million (USD193 million).
Linde launched a second forklift brand, OM Pimespo, in China in 2005 and part of its marketing strategy in China is to expand production at the Xiamen plant. A new electric counterbalanced truck is expected to come from Xiamen this year.
“In the first 12 months, we completed local production of the XD-25/30 diesel forklift and established an efficient dealer network. We have already received around 400 orders,” Linde said in a statement.
Linde achieved sales of EUR3.157 billion (USD3.761 billion) in Europe, its most important forklift market, with “above-average” growth in Eastern Europe and “slight growth” in the rest of Europe. To capitalise on Eastern Europe’s strong market growth, Linde expanded its marketing operations in Poland, Slovakia and the Czech Republic. Linde said the European forklift market grew 3.9 per cent in 2005.
Its North American business saw sales jump 28 per cent to EUR143 million (USD170 million). “We grew faster than the [US industrial truck] market, which rose 6.4 per cent in 2005,” Linde said.
Twenty-three per cent of Linde materials handling’s 2005 truck sales came from Germany, 61 per cent from “other Europe”, 4.5 per cent from Asia, 3.9 per cent North America, 3.1 per cent Australia/Africa and 1.5 per cent from South America.
In 2005, Linde sold 71,562 Linde forklifts, up 3.2 per cent from 2004’s 69,337; 36,859 Still forklifts, up 6.6 per cent from 2004’s 34,593; and 16,765 OM Pimespo forklifts, up 7.2 per cent from 15,646.
Crown says no to chromium
NEW BREMEN, OH, United States
A US Environmental Protection Agency (EPA) program has recognised electric forklift manufacturer Crown for reducing hazardous waste at its forklift plants.
The National Partnership for Environment Priorities (NPEP) presented an achievement award to Crown after it removed chromium from its paint formulations.
By eliminating use of chromium, Crown reclassified more than 300,000lbs (136,077kg) of waste to non-hazardous. Crown now colours, glosses and rust inhibits its forklifts without using ammonium dichromate in its paint formula.
Crown also installed a new powder coat paint line that enabled it to eliminate around 65 per cent of wastewater from its water curtain paint booths, saving more than 200,000lbs (90,718kg) of water and sludge, Crown said.
Brian Duffy, manager for energy, environment & industrial hygiene, said the projects had reduced air emissions and improved the work environment.
Matt Hale, EPA solid waste office director said: “Crown can be proud of its contributions. This year, more than 2.8 million pounds (1.27 million kilograms) in chemical reductions were achieved by all NPEP partners combined. It illustrates the importance of voluntary partnership programs in achieving environmental goals.”
The NPEP encourages public and private US organisations to form voluntary partnerships with EPA that reduce use or release of any of 31 priority chemicals
According to the EPA website, organisations interested in becoming NPEP partners are eligible to receive public recognition for their contributions to NPEP’s waste reduction goal. To join the program, go to: www.epa.gov/epaoswer/hazwaste/minimize/join.htm
Crown was designated an EPA waste minimisation partner in 2004, one of only 27 companies at the time.
|Jungheinrich||EFG DH16||1989||Germany||EUR 1950||Details|
|Toyota||7FUG25||2000||United States||USD 14000||Details|
|Raymond||OPC30TT||1999||United States||USD 8575||Details|
|Clark||C500-70Q||> 25 years||United States||USD 8450||Details|
|Gradall||534D9||1999||United States||USD 39500||Details|
|Linde||H 35 D-03||1999||Germany||EUR 12900||Details|
|Raymond||OPC30TT||1999||United States||USD 8949||Details|
and thousands more...Click here
to include your used forklifts, stackers, telehandlers, container handlers, attachments etc.
Terex files restatements, SEC investigating
WESTPORT, CT, United Statesby US correspondent Roger Renstrom
Equipment manufacturer Terex Corp has made progress in restating several financial statements — with adjustments to correct errors — and is now dealing with a US Securities & Exchange Commission (SEC) private investigation of the company’s accounting practices (Forkliftaction.com News #228
Among numerous actions, Westport-based Terex has changed the reporting relationship for operating financial personnel, taken selective accounting-related disciplinary actions and implemented a requirement for periodic activity balancing for intercompany transactions.
The company added a vice president of information technology and a human resources director focusing on the firm’s financial organisation. Both report to Terex chief financial officer Phillip Widman.
Terex appointed a new chief accounting officer and controller and hired a new vice president of internal audit and an intercompany controller. About 350 executives attended mandatory meetings on business practices and the company’s code of ethics and conduct.
After scrutinising multiple transactions over 15 months, Terex completed restatements for its 2000-2003 calendar-year financials and filed its 2004 annual and quarterly reports. As a result, “Terex believes it is now in compliance with the material listing requirements of the NYSE [New York Stock Exchange] and is thus no longer at risk for delisting on March 31, 2006”, the company said.
Terex said it expected to file its 2005 annual and quarterly financial statements “in the near future”.
The SEC investigation concerns four transactions during 2000 and 2001 between major Terex customer United Rentals Inc and Terex or a Terex subsidiary. United Rentals, of Greenwich, Connecticut, USA, has more than 740 North American locations serving 1.9 million commercial and industrial customers. The SEC notified Terex of the investigation verbally last year and with a written order on February 1.
“Terex has been voluntarily cooperating with the SEC and will continue to cooperate fully to furnish SEC staff with information needed to complete the review,” the company said.
“With the completion of our restatement, we have a solid foundation on which to move forward with our business,” DeFeo said. “The restatement has been a monumental task, both complex and demanding.”
In its 2003 restatement, the Terex loss was USD226.6 million rather than the loss of USD25.5 million in the original filing. The 2003 sales figure remained at USD3.9 billion. Terex reported a profit of USD324.1 million on 2004 sales of USD5 billion.
Cascade integrates RFID with attachments
PORTLAND, OR, United Statesby US correspondent Roger Renstrom
Cascade Corp and Intermec Inc are working with US software and technology providers to create an integrated radio frequency identification (RFID) system for forklifts.
The two principals, along with Cisco Systems Inc and RedPrairie Corp, aim to integrate a mobile computer into any forklift’s structure without having the hardware look like a bolted, taped or wired add-on.
Cascade product manager Brad Vandehey said the Portland-based firm focused on two concepts, an RFID-enabled load backrest applicable to any forklift platform and an RFID-enabled carton-clamp-force solution for pallet-less warehouse handling of boxes.
Intermec, of Everett, Washington, supplies second-generation RFID technology, known as Gen 2, and related equipment including computers. Intermec has experience with barcode technology that RFID may replace.
A unified wireless real-time location system from Cisco, of San Jose, California, improves a forklift driver’s operational accuracy and efficiency.
Mobile resource management software from RedPrairie, of Waukesha, Wisconsin, complements the Cisco system or other software. RedPrairie software provides the X and Y coordinates of an RFID-enabled forklift, reports a truck’s movements and monitors the time it spends in each location.
Chris Johnston, Intermec principal product manager for RFID marketing, said market introduction of components for the forklift RFID system would occur over many months.
Click here to read the full story
Doosan: A holding company in three years
SEOUL, Korea, South
Doosan Group, the largest shareholder of forklift manufacturer Doosan Infracore, has taken steps to improve its transparency, including plans to convert to a holding company, after its former chairman was charged with embezzling company funds last year (Forkliftaction.com News #235
In a new “roadmap for management”, expected to be fully implemented by 2007, Doosan calls for foreign CEOs, the abolishment of the chairmanship system, and a shareholder vote-by-mail program. It aims to conform its accounting system to international standards.
The group wants to convert the parent company into a holding company in three years and establish independent boards of directors to manage subsidiary companies, Doosan said on its website. The system of chairmanship will also be abolished for subsidiaries and Doosan will hire foreign CEOs and global marketing directors.
Details of the group’s plans are still taking shape and Doosan says they will be confirmed in the first half of this year. So far, Doosan sums up its action plan as:
- Abolish the group chairman system and establish an independent board of directors. All directors will be qualified candidates, independent from Doosan Group. There will be “subsidiary committees” to support the boards of directors.
- The rights of small shareholders will be protected by a new vote-by-mail system, enabling them to exercise their voting rights if they are not present at general shareholders’ meetings.
- Compliance officers will be hired to inspect the new management structure and transparent management initiatives. An internal fair trade committee, comprising independent directors, will be established to increase transparency in internal trade and to implement an accounting system conforming to international standards. This is in addition to its existing disclosure of quarterly financial reports and management activities through corporate conferences.
- The existing review board’s role will be enhanced to re-establish accounting and internal trade standards and supervise its internal control system.
Doosan says its action plan meets monitoring requirements set by the Korean Fair Trade Commission last year.
Instantly reach fleet managers and forklift owners through Forkliftaction.com!
36% of our members operate forklifts in their businesses and are in charge of the purchase and planning of their fleet. Their forklifts are used in the following industry sectors:
These professionals work in all industry sectors:
· 38% manufacturing
· 12% construction industry
· 10% stevedoring, ports, transport, shipping
· 8% warehouse, storage
· 4% defence, military, government
· 3% agribusiness and forestry
· 2% food
· 2% mining, exploration,
· 1% fuel, oil
· 21% other industries
Apart from forklift operators and managers (36%), Forkliftaction.com reaches:
of new and used forklifts, parts & components -39%
of forklifts, parts and attachments -20%
· Finance & professional
For more information about our audience and our advertising opportunities, CONTACT:
JLG to make more telehandlers
McCONNELLSBURG, PA, United States
JLG will reopen the company’s 340,000 square foot (31,587 square metre) facility in Orrville, Ohio, which closed in 2003.
Greg Fries, manager of investor relations & analysis, said Orrville closed as part of the company’s capacity rationalisation plan when the industry was in recession.
“At the time our Gradall brand telescopic material handler product line was produced there.”
The Orville facility will be used for telehandler product engineering and certain component manufacturing operations, previously located at the recently sold New Philadelphia facility.
The New Philadelphia facility was sold, along with JLG’s Gradall excavator line, to Alamo Group Inc for a cash consideration of USD39.4 million early this year.
JLG’s North American service parts distribution operations, located at the McConnellsburg facility, would move to Orrville. That would create more manufacturing space in McConnellsburg for operations connected with JLG’s Caterpillar alliance, and increase telehandler production volume, Fries said (Forkliftaction.com News #237
JLG expects to invest about USD11 million of capital in the operation.
Bill Lasky, JLG CEO, said: "With reopening our Sunnyside facility, the sale of the New Philadelphia facility and the capacity investments we are making, by the end of this fiscal year, we will have the capacity to support more than 50 per cent higher production with the same basic manufacturing footprint we had at the end of 2005 (Forkliftaction.com News #230
"The State of Ohio worked diligently with us in this initiative that will create approximately 150 new jobs and retain 130 other jobs. We are grateful for the economic assistance and financial incentives as part of this successful effort."
UK forklift awaits fate in Oz
GRANTHAM, United Kingdom
A UK agricultural company whose stolen forklift was found in Australia a year later will not recover it.
Sharmans Agricultural Ltd had a John Deere 3420 telescopic forklift and a John Deere tractor stolen from its Melton Mowbray branch in March 2005. Staffordshire police told Sharmans the equipment was found in an Australian dealership (Forkliftaction.com News #249
Sharmans sales director Francis Disney said from Sharmans’ Grantham headquarters there was no further news from the police.
“All I know is the tractor and the forklift were stolen on the same day and both ended up near Melbourne along with two JCB products and two other machines stolen from farms in Staffordshire.
“I’ve asked [the police] about this [recovery of the equipment] and there’s no response yet,” he said.
Disney said “other things” had been stolen from the company but the theft was the “first big hit”. The machines’ combined value was GBP120,000 (USD209,675), with the forklift worth GBP48,000 (USD83,870).
If the machines were brought back to the UK, they would not be returned to Sharmans as they now legally belong to its insurer.
Zeebrugge machines on smart path
Kalmar will fit 23 of APMT Zeebrugge’s straddle carriers with its container position verification system.
Kalmar Smartpath is an automated system that verifies and reports on the location of all containers handled. Fitted to straddle carriers or reach stackers, the system saves time by minimising unladen travel distances and optimising laden travel distances, Kalmar says.
“Because the Smartpath system is completely integrated, it allows the driver to concentrate on his job by providing him with tools like a terminal map and automatically exchanging container pick and place information and instructions with the yard management system.”
The Smartpath-enabled straddle carriers will be delivered over the next few months. Kalmar did not disclose the value of the contract.
Zeebrugge is the modern port for the Bruges subdivision in Belgium.
Send this newsletter to an associate
1. MOVINT-ExpoLogistica 2007
9th to 12th May 20072. DEMOMAT
8th to 10th September 20063. Advancements in Battery Technology & Power Management
Chicago, United States
11th & 12th April 20064. IAEM Professional Development Conference & Supplier Showcase
Rosemont, IL, United States
20th to 22nd June 20065. Free forklift safety seminars - VIC, NSW Australia
Vic & NSW, Australia
January to May 20066. Matex 2006
Sydney, NSW, Australia
30th May to 2nd June 20067. WERC's 29th Annual Conference
Orlando, Florida, United States
7th to 10th May 2006
Explosion proof forklifts
Forklifts in the logging and timber industry
Industrial batteries and chargers
The forklift market in China
Forklift tyres, wheels and castors
The German forklift industry
Truck mounted forklifts
Engines and drive trains
The forklift market in Canada
End of year review