According to a statement, the £85m deal frees capital and senior management resources to focus on extending Finning’s positions in the sale and support of Caterpillar products and, via its Hewden subsidiary, plant and equipment hire services.
Nick Lloyd, Finning Group UK managing director, said: ’The sale of Materials Handling will allow us to focus on growing those areas where we are committed to market leadership, most particularly the sales and servicing of other Caterpillar products and the rental solutions business.’ Finning is the largest Caterpillar dealer in the world and Hewden is the largest provider of rental solutions for the construction industry in the UK.
‘Finning will continue to grow revenues and market share in core areas through product and service excellence and focus on our customer needs.’
‘Materials Handling staff will all transfer with the business and be part of Sammons’ equipment distribution division. The business will be operated as Briggs Equipment UK Limited and will complement Sammons’ existing US and Mexico materials handling operations, providing them with a strong presence in the UK market.’ added Lloyd.