Skyjack Offers to Buy Volvo's Telehandlers

March 5, 2008 • Skyjack Inc., Guelph, Ontario, announced Wednesday that Volvo Construction Equipment has accepted its offer to pursue the parties' discussions related to purchasing selected assets of Volvo's Material Handling Equipment business, which was acquired from Ingersoll Rand as a part of the Road Machinery acquisition in April 2007.

Skyjack said it is interested in the Volvo Material Handling Equipment business because it complements the acquisition of Carelift Equipment, which was completed in August 2007. The company would anticipate moving the Volvo assets to Ontario to consolidate with its existing telehandler business.

The acquisition of Volvo's telehandlers would further expand Skyjack's telehandler product offering, add a rough-terrain straight-mast forklift to its line, and provide additional manufacturing capacity to further the company's growth potential.

“The addition of Volvo's Material Handling Equipment business would provide products to complement our premium Zoom Boom telehandler brand,” said Linda Hasenfratz, CEO of Linamar Corporation, parent company of Skyjack. “This will allow us to bring our products to a broader group of customers.”

The proposed transaction is subject to, among other things, the parties reaching a definitive agreement, and further due diligence.