Singapore Technologies Engineering Ltd. (ST Engineering) announced that it will acquire road construction and maintenance equipment builder B.R. Lee Industries Inc. for $129 million.
Singapore Technologies Engineering Ltd. (ST Engineering) announced that it will acquire road construction and maintenance equipment builder B.R. Lee Industries Inc. for $129 million. The deal will be done through Vision Technologies Land Systems (VTLS) Inc., one of ST Engineering's U.S. subsidiary operations. Upon completion of the acquisition, BR Lee will be a wholly owned subsidiary of VTLS.
BR Lee, Denver, N.C., with its LeeBoy and Rosco branded machines, has a line of some 65 road construction and maintenance equipment models. BR Lee's last 12 months' unaudited turnover, as of March 2006, was $120 million, with unaudited pre-tax income of $9.8 million.
ST Engineering said the acquisition is in line with its thrust to develop its Land Systems sector into a global specialty vehicle and equipment industry group. This acquisition is expected to have synergies with other specialty vehicle companies in ST Engineering, especially with the recent investment in Guizhou Jonyang Kinetics in Chin, ST Engineering said.
"The addition of BR Lee to the ST Engineering family expands our presence in the U.S. market and is another important step toward our becoming a major commercial specialty vehicle and equipment player in the key North American and Asian markets," said Tan Pheng Hock, president and CEO of ST Engineering.
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|Title Annotation:||GLOBAL BUSINESS NOTES|
|Publication:||Diesel Progress North American Edition|
|Date:||Jun 1, 2006|
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