The Verticon Group has sold its New Zealand-based tower crane and hoist division to US-based Lewis Equipment Company Limited.
Andrew Torrington, Verticon managing director, said the sale was a strategic divestment that would enable Verticon to substantially reduce its borrowings and ongoing interest cost exposure.
Kyle Lewis, Lewis Equipment Company chairman and CEO, told International Cranes and Specialized Transport that the purchase of the business was good for both parties and he looked forward to working with Verticon in New Zealand. All New Zealand-based tower cranes, hoists, ancillary equipment and rental agreements were included in the sale. Verticon will continue to operate its fleet of 14 crawler cranes and seven mobile cranes in New Zealand.