Italian-based OSA Demolition Equipment is entering the North American market for the first time. Working through their exclusive distribution partner, Cadeci International of Wellington, Fla., they will introduce their product line in the spring of 2014. OSA makes demolition attachments for the smallest excavators and skid steers, all the way up to machines that weigh in at well over 200,000 pounds, and will offer their full product line and customer support to the North American demolition, mining and scrap industries. Specializing in advanced hammers, scrap shears, crushers, cutters, pulverizers and grapples, every OSA product is 100 percent Italian-made from the finest more »
CNH Industrial N.V. has agreed to enter into a new licensing agreement with Sumitomo (S.H.I.) Construction Machinery Co. Ltd., a wholly owned subsidiary of Sumitomo Heavy Industries, Ltd. Under this new technology license and component supply agreement, CNH Industrial will manufacture Sumitomo designed crawler excavators (models ranging from 13 to 35 tonnes) at designated plants within its manufacturing network. Start of production of the new localized models is planned for mid-2016.
This agreement also extends the existing Global Product Supply (OEM) agreement between CNH Industrial and Sumitomo (S.H.I.) Construction Machinery for the sourcing of excavators from Sumitomo plants. Sumitomo has been a supplier more »
In the construction, mining and utility equipment business, while demand for mining more »
The first three months of 2014 experienced improved earnings on the back of higher sales at Volvo CE. With deliveries up and a new range of Tier-4 Final/Stage IV compliant models launched, the company reported the most growth in mature markets.
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the $827 billion equipment finance sector, showed their overall new business volume for March was $7 billion, up 3 percent from new business volume in March 2013. Month-over-month, new business volume was up 30 percent from February. Year to date, cumulative new business volume increased 6 percent compared to 2013.
Receivables over 30 days increased to 2.1 percent from 1.8 percent the previous month, and were up slightly from 2.0 percent during the same period in 2013. Charge-offs were down at more »
Ritchie Bros. Auctioneers sold more than CA$143 million (US$129+ million) of trucks and heavy equipment in Edmonton, AB on April 23-25, making it the largest Canadian auction in company history. Multiple other records were broken in the auction, including new global company records for online sales (CA$64+ million or US$58+ million), total number of registered bidders (9,400+), number of online bidders (5,500+), total number of buyers (2,600+), number of online buyers (1,400+) and number of sellers (870+), as well as a new Canadian record for number of lots sold (6,000+). Bids were made in person at the Edmonton auction site, online more »
Åsa Thunman has been appointed executive vice president and general counsel of Sandvik. Scot Smith has been appointed president of Sandvik Mining. Both will be included as new members of Group Executive Management.
Åsa Thunman is currently senior vice president /general counsel of Securitas AB, a role she has held since 2011 having joined the company in 2009. Prior to Securitas, she held senior positions at Elekta AB, one of which as general counsel. She also has extensive experience from private practice at one of Sweden’s major law firms. In addition to her position at Securitas, Åsa Thunman is a member of the Board more »
The Gorman-Rupp Company, a designer, manufacturer and marketer of pumps and pump systems, recently reported financial results for the first quarter ended March 31, 2014.
Net sales during the first quarter of 2014 increased 19.0 percent to a record $110.1 million compared to $92.5 million during the same period in 2013. Domestic sales increased 28.0 percent or $15.7 million and international sales increased 5.3 percent or $1.9 million. Sales in water end markets increased $12.0 million and sales in nonwater end markets increased $5.6 million during the first quarter.
The increase in water end market sales was due about equally to increases in more »
Cat Financial reported first-quarter 2014 revenues of $713 million, an increase of $33 million, or 5 percent, compared with the first quarter of 2013. First-quarter 2014 profit after tax was $136 million, a $5 million, or 4 percent, decrease from the first quarter of 2013.
The increase in revenues was primarily due to a $23 million favorable impact from higher average earning assets and an $8 million favorable impact from returned or repossessed equipment.
Profit before income taxes was $188 million for the first quarter of 2014, compared with $187 million for the first quarter of 2013. The increase was primarily due to more »
Caterpillar Inc. recently reported first-quarter 2014 profit per share of $1.44, an increase from profit per share of $1.31 in the first quarter of 2013. The first quarter of 2014 included a negative impact of $0.17 per share for previously announced restructuring activities. Excluding restructuring costs, profit per share was $1.61. First-quarter 2014 sales and revenues were $13.241 billion, about flat with the first quarter of 2013 sales and revenues of $13.210 billion.
“Given the business and economic uncertainties around the world and continuing decline in our mining sales, I am pleased with our performance in the first quarter. We understand we more »