Alamo Group Europe Ltd. Acquires Kellands Agricultural Ltd. and Multidrive Tractors; Terms Undisclosed
Alamo Group Inc. (NYSE: ALG) announced today that its European subsidiary Alamo Group Europe Ltd. has acquired Kellands Agricultural Ltd. and its subsidiary Multidrive Tractors Ltd. based near Cheltenham, Gloucestershire in England.
The Kellands Group manufactures and markets self-propelled sprayers and a range of multi-purpose load carrying tractor vehicles. The company had sales of approximately US$11 million in 2013.
Keith Pashley, Director of Sales & Marketing will head up the Kellands team and will report directly to Christian Davies, Alamo Group Europe's head of Agriculture in the UK. Chris Kelland, who founded the company in 1987, will continue to represent the business as a non- exclusive sales agent for the sales territories of Australia and New Zealand.
Ron Robinson, Alamo Group's President commented, "This is an exciting development in our European operations and assists us in broadening our presence in the manufacture and distribution of agricultural machinery."
Dr. Geoffrey Davies, Managing Director of Alamo Group Europe Ltd. stated, "This is a part of continuing business strategy to enter into the agricultural self-propelled sprayer market. Additionally the multidrive unit will provide a tractor platform for carrying a range of equipment for both our agricultural and Industrial businesses."
Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for right-of-way maintenance and agriculture. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, pothole patchers, excavators, vacuum trucks, agricultural implements and related after-market parts and services. The Company, founded in 1969, has approximately 2,550 employees and operates eighteen plants in North America and Europe. The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company's European operations are located in Salford Priors, England.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: market demand, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.