Kalmar taking over U.S. ports service company
Takeover-hungry Kalmar Industries has reached agreement to acquire the assets and business of Portsmouth, Va.-based Port Equipment Service Inc. to 'strengthen its position in U.S. ports, and create new relations and opportunities with intermodal terminals.'
Financial details of the takeover have been withheld. PES reported net sales of more than 4 million euros ($5.2 million) in 2006.
Kalmar, based in Sweden, is part of the Helsinki-listed Cargotec Corp., and provides heavy-duty material handling equipment to ports worldwide. Other takeovers agreed by Kalmar in recent months include Slovenian service contractor Tagros, Italy's CVS Ferrari, and a majority share offer for its Spanish distributor, Kalmar Espana.
Established in 2001, PES employs 56 people, mostly service technicians who work to erect, maintain and repair Kalmar and all other brands of container and heavy materials handling equipment.
PES services the equipment of railway terminals in five states and of Virginia port operators in Portsmouth and Norfolk.
'This acquisition complements Kalmar's strategy to grow its service business. PES's familiarity with Kalmar products, its solid relationship with railroad and port customers, and its service expertise makes the transaction an excellent strategic fit,' said Christer Granskog, Kalmar Industries' chief executive officer and president.
After completion of the deal, PES's founders, Dan Stevens and Tom McDonough, will continue to run the existing intermodal and port service business, while the entire PES operation will be managed by the port division of Kalmar Industries USA LLC.