Oshkosh buys IMT

US-based truck body manufacturr Oshkosh Truck Corporation has announced a $131 million deal to acquire Iowa-based truck crane manufacturer Iowa Mold Tooling Co., Inc.

Oshkosh said that the acquisition will “add truck-mounted cranes to the product line and offer opportunities for integrating crane technology into other Oshkosh products.”

Robert Bohn, president, chairman and CEO of Oshkosh, said, “IMT has built leadership positions in terms of market share, technology, distribution and brand recognition within the service vehicle and truck-mounted crane markets. The company provides an opportunity for further expansion within the construction, mining and tyre service markets.”

The acquisition is the second announced in fiscal 2006 as part of Oshkosh Truck's diversification strategy in the commercial speciality truck industry.

The company said the acquisition of IMT “will provide entry into two adjacent market spaces, significantly strengthen Oshkosh's North American distribution channel, and provide new technology integration opportunities for other Oshkosh businesses.”