RDO Equipment Co. announces that they have partnered with Vermeer Equipment Holdings Pty. Ltd. and acquired 50% interest in five Vermeer locations in Eastern Australia.
Vermeer Equipment Holdings Pty. Ltd. (VEH) is the dedicated Vermeer dealer for all Eastern Australia states plus Papua New Guinea and other Pacific Island nations. VEH is headquartered in Brisbane, with additional locations in Sydney, Melbourne, Adelaide and Townsville.
“Our organization was founded on the principles of entrepreneurship and innovation with a focus on our customers and team members, and VEH has a very similar history,” stated Christi Offutt, RDO Equipment Co. CEO and Chair of the Board of Advisors. “VEH’s commitment to providing solutions allows them to continue to take care of customers and grow and develop their employees and we are excited about the strength of this partnership in continuing these ideals.”
“As a family-owned business, Vermeer Corporation puts a great deal of focus on succession planning to remain progressive while providing confidence and consistency to our team members, dealers and customers. We expect the same of our dealership network. VEH and RDO Equipment Co. have demonstrated a best practice in their efforts to work together to develop a progressive succession plan that will provide customers confidence for years to come,” commented Jason Andringa, CEO of Vermeer Corporation.
VEH founder Peter Pullan added, “I am looking forward to sharing resources, ideas and best practices with RDO Equipment Co. who are a successful machinery dealer in the strong but competitive USA market. I can see many mutual benefits for Vermeer dealerships on both sides of the Pacific.”
Commenting about the acquisition, Ryan Offutt, Executive Vice President and head of international operations for RDO Equipment Co., said, “We are excited to expand our international dealership presence and to grow our relationship with Vermeer. Vermeer Equipment Holdings Pty Ltd is one of Vermeer Corporation’s best run and largest international operations.”
Caterpillar Inc. (NYSE: CAT) announced today that the company’s Board of Directors has elected Denise Johnson, currently vice president with responsibility for the Material Handling & Underground Division, as group president of Resources Industries. The appointment follows the recently announced retirement of Group President Ed Rapp.
“Denise leads one of the largest and most complex businesses in the company; her division makes products primarily for the mining, waste and construction industries and employs about 8,000 people in 14 locations spanning four continents. She has successfully managed costs during the mining downturn and been deeply involved in restructuring within Resource Industries, all while gaining market position for multiple products in her portfolio. Denise has accomplished these business results while also delivering outstanding safety and quality metrics,” said Caterpillar Chairman and CEO Doug Oberhelman. “Above all, Denise is a leader inside and outside of Caterpillar. Whether she’s engaging with employees, strengthening relationships with key mining customers or serving as a strong role model to recruit more female engineers, Denise consistently excels.”
Johnson joined Caterpillar in 2011 as the general manager of Caterpillar’s Specialty Products business unit where she had responsibility for nearly 20 facilities around the world. She came to Caterpillar after a 22-year career with General Motors, where she built deep expertise in operations and product management in a series of positions in the United States, Canada and Brazil. A year later, she was elected vice president of the Diversified Products Division with responsibility for industries including forestry, paving and on-highway trucks. In 2013, she became vice president of the Integrated Manufacturing Operations Division overseeing major operations in Caterpillar’s largest division at the time. She was named to her current role in 2014.
Johnson graduated from Michigan State University with a bachelor’s degree in mechanical engineering. She earned dual master’s degrees in mechanical engineering and business administration from the Massachusetts Institute of Technology. Johnson is a member of numerous outside boards including The Mosaic Company.
Her move is effective April 1, 2016. Johnson’s successor will be named at a later date.
Terex Corp. said that it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $30.00, in cash, or about $3.3 billion. The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval.
Terex previously announced that it had entered into a business combination agreement with Konecranes Plc providing for a combination of Terex and Konecranes. The Terex board of directors has not changed its recommendation of the proposed combination with Konecranes an that process will apparently continue.
Terex said it has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. Consistent with its fiduciary duties, the Terex board of directors, in consultation with its legal and financial advisors, is carefully reviewing the Zoomlion proposal to determine the course of action that it believes is in the best interests of Terex shareholders, the company said. Terex said it will have no further comment until the board has completed its review.
Terex Materials Processing, a division of Terex Corporation, announced that it will begin offering an ORBCOMM telematics solution on Powerscreen and Terex Finlay machines.
The telematics system will be offered as standard equipment on Terex crushers initially, but will be expanded to the screeners as well, says Christian Allred, ORBCOMM’s general manager and senior vice president of enterprise solutions.
In time, Allred says he believes Terex will adopt the solution across all the different models in the Terex Materials Processing group.
The ORBCOMM heavy equipment telematics solution will provide Terex customers with equipment data such as location, engine hours, utilizations, fuel and urea levels and monitor engine fault codes and other alerts generated during machine use.
Customers will be able to access their data and analytics through an ORBCOMM web portal custom designed for Terex customers. With remote access to this data, equipment owners and technicians can better monitor the health of their machines, calculate usage rates and schedule fueling and maintenance activities without having to be on site.
When asked if the system will support the AEMP Telematics Standard, Allred said ORBCOMM is aware of the standard and initiatives, but that customer demand will determine when the company adopts the standard.
The all-new TL12V2 track loader from Takeuchi is the company’s first vertical lift design.
The geometry of the boom and bucket linkage is such that the front edge of the bucket travels in a straight vertical line from the ground to full dump height making it much easier for you to get close to trucks and walls for loading. It also helps stability and increases lift height.
The company says the loader’s vertical arrangement “delivers 45-percent greater operating capacity over the current TL12 radial.”
A Tier 4 Final, Kubota 3.8 liter diesel engine produces 111.3 horsepower and 284 foot-pounds of torque.
Takeuchi lowered the boom arm cross member on the machine as well, which improves visibility. Takeuchi calls the operator’s station “completely revamped,” with a wider cab improving comfort and accessibility. The loader also features a new 5.7-inch color display.
What the company calls a “quiet track design” reduces noise and vibration using a tread pattern that also produces greater flotation. A new contact pad between the roller and track enhances ride quality and reduces vibration. The increased track length also improves stability and ride quality.
Caterpillar Inc. reported a fourth-quarter loss as sales for equipment continued to slide amid weakness in the mining and energy industries.
Still, the results topped Wall Street expectations as the construction and mining equipment maker continues feeling the pain of lower commodity prices and a weakening global economy. It is in the process of cutting up to 10,000 jobs through 2018.
The Peoria, Illinois-based company expects economic weakness to linger throughout 2016 and to continue weighing down its performance.
“We took tough but necessary restructuring actions in 2015 – and they were significant,” said Chairman and CEO Doug Oberhelman, in a statement.
The company lost $87 million, or 15 cents per share, after reporting a profit in the same period a year earlier. Earnings, adjusted for restructuring costs, came to 74 cents per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
Revenue fell 23 percent to $11.03 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $11.28 billion.
Overall in 2015, the company earned $2.1 billion, or $3.50 per share on revenue of $47 billion.
Caterpillar expects full-year revenue in the range of $40 billion to $44 billion, marking a decline in the midpoint of that range by about $3.5 billion from its prior outlook.
Caterpillar shares dropped $3.27, or 5.6 percent, to $61.59 in premarket trading. Its shares have dropped 14 percent since the beginning of the year, while the Standard & Poor’s 500 index has fallen roughly 8 percent. The stock has fallen 27 percent in the last 12 months.
Komatsu America Corp., a leading global heavy equipment manufacturer, today introduced the new WA600-8 Wheel Loader. Equipped with an EPA Tier 4 Final certified engine, this latest addition to the wheel loader family combines an enhanced lockup torque converter function and SmartLoader logic to achieve low fuel consumption and high travel speeds.
By optimizing control of engine power, and improving power train and hydraulic efficiency, the WA600-8 consumes up to 13 percent less fuel than its Tier 3 predecessor. Also, the standard bucket capacity increased to 9.2 cubic yards and the bucket now fills easier, retains material better and provides better visibility, contributing to machine efficiency and productivity.
“With significant enhancements in production capacity and fuel economy, the WA600-8 is designed to maximize production efficiency in loading off-highway trucks or load-and carry applications,” said Rob McMahon, product manager for Komatsu America. “Full rear fenders with steps and handrails at both sides of the machine add convenience for daily inspections. And operators will appreciate enhancements in cab comfort and machine stability,” McMahon said.
Standard features of the new WA600-8 include:
Under The Hood/Performance Enhancements
- A powerful 23.15 liter, 529 HP, EPA Tier 4 Final certified, SAA6D170E-7 engine uses up to 13 percent less fuel than its Tier 3 predecessor.
- Komatsu Diesel Particulate Filter (KDPF) and other after treatment components are designed in conjunction with the engine for efficiency and long life.
- More than 98 percent of KDPF regeneration is performed passively, with no action required of the operator and no interference with machine operation.
- Komatsu’s SmartLoader Logic, combined with the enhanced lockup torque converter that activates in 2nd, 3rd and 4th gear, provides optimal engine torque for improved acceleration, hill-climbing ability, a higher top speed and fuel savings.
- A new, air-suspension, high-back, heated seat softens machine vibrations for operator comfort and cast frame members increase strength.
- Seat-mounted electronic pilot control levers with F-N-R switch add operator ergonomic comfort and convenience.
- Pioneering KOMTRAX Plus telematics system and monitor provides key machine metrics, including KDPF status and DEF-level data, fuel consumption, plus performance information collected and sorted by operator ID.
- Komatsu Auto Idle Shutdown reduces idle time and saves fuel.
- Seven-inch, full color, high resolution monitor delivers a sharp picture and vivid colors, even in harsh light.
- Separate, full-color, rear-view monitor comes standard and improves line-of-sight.
- Variable Traction Control system and Modulated Clutch system provide optimal tractive effort for various ground conditions.
- Full rear fenders with stairs and handrails are now standard for both sides of the machine.
- Swing-out cooling fan with wider fin spacing and reversing fan eases cleaning.
- Sight gauge at DEF fill cap minimizes overfilling.
- Additional hinged panels at each side of machine eases access to regeneration components.
- New enhanced auto-dig function reduces operator effort required to fill the bucket.
- Komatsu integrated load meter data is available on the machine monitor and remotely via the web.
The WA600-8 and every other Komatsu Tier 4 Final construction-sized machine, whether rented, leased or purchased, is covered by the Komatsu CARE® program for the first three years or 2000 hours, whichever comes first. Komatsu CARE includes limited scheduled factory maintenance, a 50-point inspection at each service, and one complimentary Komatsu Diesel Particulate Filter exchange in the first five years. With select labor, fluids and filters covered by Komatsu over this period, Komatsu CARE lowers ownership costs, raises resale value and improves equipment uptime and availability. For full program details, refer to the Komatsu CARE reimbursement letter.
Stephenson Equipment (SEI) President and CEO Dennis Heller recently announced that Bob Criste, the company’s CFO would be promoted to COO. As Chief Operating Officer, Bob will become more involved in the management and oversight of the parts, service, and training segments of the business and branch operations. Bob has been CFO since 1995.
Heller also announced the promotion of Jen Waltz to CFO. As Chief Financial Officer, Jen will be managing the company’s financial statements, banking reports, tax compliance and overall accounting management. Jen has been with SEI since 2006 starting as controller.
Heller also announced the promotion of Liza Campbell to Controller / HR Manager. In her new duties, Liza will be managing payroll, employee benefits, and all HR functions. Liza started her career in AP in 2010.
The current position vacated by Liza will be filled with a new hire to be announced soon.
In “The Next Chapter” Heller will remain President / CEO of SEI, shifting some of his responsibilities to Bob Criste allowing for a fresh set of eyes and new ideas for the continued growth of SEI.
“My focus will remain with the sales groups, marketing and new projects.” Heller said. Heller became President / CEO of Stephenson Equipment in 2003 at which time he says “Joined by a great team, we embarked on a journey that has led this company on a solid path of growth.”
These promotions provide the backdrop for the next chapter of growth planned for SEI. This also brings more experience and bench strength for our planned expansions going forward.
Stephenson Equipment looks forward to an exciting 2016 and the company’s next chapter.
The Heavy Equipment Exchange, the world’s first online, dealer-only wholesale marketplace for the global trade of both on-and off brand heavy equipment, announced today that it has closed a $1 million seed funding round led by BRCG.
John Fleming, CEO of The Heavy Equipment Exchange said, “It’s great to have marketplace validation from such a strategic investor and we are pleased that not only did this investment from BRCG provide added exposure in the US but also the benefit of an international position in the global heavy equipment industry.”
Recently launched, The Heavy Equipment Exchange (THE Exchange) accelerates transactions by bringing together vetted original equipment and independent dealers in the construction, road building and related heavy equipment industries on a smart, patent pending, secure, cloud-based SaaS platform.
THE Exchange will use its seed investment to enhance its technology, grow its team, and expand its membership base.
“Not only did we recognize the fact that THE Exchange will disrupt the heavy equipment market as it operates today but also the global aspect of THE Exchange and the potential of their patent-pending technology to broaden the industry focus in the future,” said Barry Conlon, Founder and Principal, BRCG. “The investment in THE Exchange is an opportunity for Irish based investors to enter the US and participate in a global wholesale market platform.”
THE Exchange facilitates efficiency while reducing costs by aggregating buyers and sellers in a specialized wholesale marketplace. Utilizing its state of the art technology, THE Exchange will enable more transactions faster at normalized market pricing. Connecting decision makers in a dynamic trading environment provides higher dealer margins and lower cost to move surplus, off-brand trade-ins, and reduce lost sales with increased effectiveness of invested capital.
“We are fortunate to have developed a breakthrough technology that delivers a secure, efficient, and money saving solution that eliminates the archaic pain points of buying and selling heavy equipment,” Fleming added.
The Equal Employment Opportunity Commission (EEOC) is proposing to expand employer reporting requirements to target what the Obama administration calls a stubborn and persistent gender pay gap.
Current rules require federal contractors and first-tier subcontractors with more than 50 employees and all companies with more than 100 employees to annually report the number of individuals they employ by job category, race, ethnicity and gender. The new rules, unveiled by President Obama on Jan. 29 and published in the Federal Register on Feb. 1, would require these employers to also report the number of hours employees work and how much they are paid.
The administration says the new rule is necessary to help the EEOC enforce equal pay laws and “provide better insight” into the gender pay gap across industries and occupations. Hillary Clinton has made paycheck equity a top priority in her presidential campaign.
Critics charge that the new proposal is overly intrusive, will impose significant new paperwork burdens on businesses and subject employers to unnecessary and time consuming investigations.
More information on the EEOC proposal is located at: https://www.federalregister.gov/articles/2016/02/01/2016-01544/agency-information-collection-activities-revision-of-the-employer-information-report-eeo-1-and. Comments are due by April 1. The administration plans to roll out the final rule before the end of 2016 and require employers to start providing the additional data in the 2017 reporting cycle.
Send your comments on the new proposal to email@example.com.