The Manitowoc Company of the US, a leading worldwide manufacturer of high-capacity, lattice-boom crawler cranes, has bought French cranes specialist Potain.

The final purchase price of the acquisition was $307.1 million, plus Potain's net income from January 1, 2001 through the closing date.

Potain will become part of Manitowoc's crane segment, creating one of the world's largest producers of lifting solutions for the construction and equipment rental industries, with products that include lattice-boom crawler cranes, tower cranes, boom trucks, and other lifting products.

Nordberg gets a new name

Helsinki: Nordberg - a leading Finnish supplier of crushing and grinding equipment - is now Metso Minerals, after an official launching of the new name during the Bauma trade fair which was held in Munich, Germany in April. The Nordberg brand name will continue to be used in product names.

Gehl considers company sale

West Bend, Wisconsin: Gehl Company, an independent equipment manufacturer, is reported to be considering a number of options including a company sale.

William Gehl, president and chief executive officer for the US-based compact construction equipment firm, says the company will undergo a review to identify 'strategic alternatives,' including the sale of the company.

'Nothing is off the table,' says Gehl. Other options may include recapitalisation, a leveraged buyout, an acquisition or a strategic alliance, says Andrew Cole, a company spokesperson.

The move comes after pressure from investors to accept an informal $100-million purchase proposed by Dallas-based investors.

Global crane alliance formed

Lexington: Sumitomo Heavy Industries Company, Hitachi Construction Machinery Company and Tadano have reached a basic agreement to form a strategic global alliance in the field of mobile cranes which includes lattice boom and telescopic cranes for the worldwide market.

As equal partners, the firms will collaborate to maximise the strengths of each company by focusing on: formation of a global crane group; consolidated supply of component parts; and formation of a lattice crane R&D company

Starting in the fourth quarter 2001, the three parties will establish a joint venture company to develop lattice boom cranes for the worldwide market.