As part of its ongoing effort to divest non-core assets, Textron Inc. has announced it has agreed to sell its OmniQuip business unit to JLG Industries Inc. for $100 million. OmniQuip, Port Washington, Wis., is a manufacturer of telescopic material handlers for the light construction industry.
The OmniQuip products sold to JLG, which are marketed under the SkyTrak and Lull brand names, generated 2002 revenues of approximately $217 million.
During the past two years, Textron sold two other OmniQuip product lines, Scat Trak skid-steer loaders and Snorkel aerial work platforms, as part of its strategy to divest units that do not fit with Textron's overall strategy to create a simpler, more focused network of businesses. The telescopic material handler line is the last remaining business of OmniQuip, which Textron purchased in 1999.
Textron Inc. is an $11 billion multi-industry company with 49,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with innovative solutions and services in industries such as aircraft, fastening systems, industrial products and components and finance.