||Thomas Equipment acquires Tovel Manufacturing, becomes listed on AMEX
| Thomas Equipment, Centreville, New Brunswick, Canada, completed the purchase of nearly all the assets of privately-held Tovel Manufacturing, including all inventory, trademarks and patents, customer lists, designs, engineering drawings and production facilities related to Tovel's rough-terrain forklifts, telescopic handlers, attachments, mortar/plaster mixers, mortar boxes and buggies. |
Thomas, through an operating subsidiary, purchased the Tovel assets for $1.1 million in cash, plus stock options to employees. Thomas plans to immediately expand Tovel’s current limited North American distribution to include Thomas’ 375 global dealers and network of 424 dealers who support a private label program with one of Thomas’ strategic OEM partners.
Tovel, which was incorporated in Canada in 1970, designs and manufactures six models of rough-terrain forklifts, five models of telescopic handlers, 10 attachment models, and mortar and plaster mixers.
Thomas Equipment announced March 6 that its common stock has been approved for trading on the American Stock Exchange (AMEX) under the stock symbol THM.
“Thomas Equipment, with manufacturing operations in Canada and Korea, has completed its consolidation of all its newly acquired companies and is now positioned to capture meaningful global market share within the small to mid-size construction equipment market,” said Clifford Rhee, president and CEO of the company.
The THM shares began trading on the AMEX during the week of March 13, coinciding with the end of being listed on the OTC Bulletin Board.