Finning sell UK materials handling division
Finning (UK) Ltd, the UK distributors for Caterpillar equipment, have agreed to sell their materials handling division to US company, Sammons Enterprises Inc. The deal, worth approximately £85 million, will free capital and senior management resources to focus on extending Finning’s market leadership positions in the sale and support of Caterpillar products and, via its Hewden subsidiary, plant and equipment hire services.
Finning are the largest Caterpillar dealers in the world and Hewden are the largest providers of rental solutions for the construction industry in the UK.
Finning’s Materials Handling Division, which is based in Cannock, Staffordshire, and employs approximately 1,000 staff, supplies fork-lift, counterbalance and warehouse trucks to the retail, warehousing and logistics industry in the UK.
Sammons Enterprises Inc., based in Dallas, Texas, will include the acquisition in their equipment distribution division along with Briggs Equipment, one of the US’s leading materials handling equipment distributors.
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.
‘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 Ltd and will complement Sammons’ existing US and Mexico materials handling operations, providing them with a strong presence in the UK market,’ added Mr Lloyd.
