As part of its ongoing effort to divest non-core assets, Textron today announced it has agreed to sell its OmniQuip business unit to JLG Industries for $100 million. OmniQuip, based in Port Washington, Wisconsin, is a manufacturer of telescopic material handlers for the light construction industry.
The OmniQuip products sold to JLG, which are marketed under the SkyTrak and Lull brand names, generated revenues of approximately $217 million in 2002.
The deal is subject to customary closing conditions and regulatory review. In connection with this agreement, Textron recorded an after-tax goodwill and other intangible assets impairment charge of $24 million in the second quarter of 2003.
During the past two years, Textron has sold two other OmniQuip product lines, SCAT TRAK skid steer loaders and Snorkel aerial work platforms, as part of its strategy to divest non-core business units. The telescopic material handler line is the last remaining business of OmniQuip, which Textron purchased in 1999.