ACME Lift Company Announces Hitachi Construction Machinery Equity Investment
Aug. 28, 2018
MESA, Ariz.--(BUSINESS WIRE)--Aug 28, 2018--ACME Lift Co. (ACME) announces that Hitachi Construction Machinery Co. Ltd. (HCM) Group has acquired a 33.3 percent equity position in ACME.
This new joint venture will add HCM earthmoving equipment to ACME’s fleet, which will be made available through ACME’s proprietary re-rental operations to equipment rental companies across North America.
In conjunction with HCM’s equity investment, ACME has restructured its balance sheet to significantly reduce its debt service costs and to provide substantial liquidity to fund its future fleet growth and expansion plans.
“ACME’s rental customer base has been increasingly requesting both wheel loaders and excavators on a re-rental basis,” said Woody Weld, ACME chairman and chief executive officer. “This new partnership with Hitachi Construction Machinery will allow every retail construction equipment rental company in the North American marketplace to have access to a full range of well-proven and highly regarded Hitachi earthmoving products.”
“ACME brings to the venture unique expertise in re-rental of various equipment product classes. Joining forces with ACME furthers HCM’s strategy to strengthen its value chain business,” said Yasushi Ochiai, executive vice president in charge of international business for HCM.
HCM will support ACME through the utilization of its existing North American distribution channels. HCM intends to expand ACME’s earthmoving equipment re-rental business and provide overall business support.
ACME will create regional support centers for its equipment rental fleet, serving all the major market areas in North America. Once this operational footprint is established, ACME intends to serve its customers’ re-rental requirements from a local rather than national supply base. This will create superior product support and logistical service capabilities closer to each customer and job site.
ACME, based in Mesa, Arizona, was established in 1997 and now has the largest selection of the newest aerial lifts reaching up to 185 feet, the latest 8,000- to 40,000-pound telehandlers, and large portable air compressors available for re-rent. For more information, visit www.acmelift.com
Hitachi Construction Machinery Co. Ltd. is one of the world’s largest manufacturers of wheel loaders, excavators and mining haul trucks and shovels.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180828005597/en/
CONTACT: Acme Lift Co.
Kevin Bries, 602.254.0650
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: TRANSPORT OTHER TRANSPORT MANUFACTURING OTHER MANUFACTURING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: ACME Lift Co.
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PUB: 08/28/2018 11:46 AM/DISC: 08/28/2018 11:46 AM