In an all-cash deal valued at $131 million, Iowa Mold Tooling Co. Inc. (IMT) will be acquired by Oshkosh Truck Corporation through a merger.IMT is a portfolio company of American Capital Strategies, Ltd. The transaction is expected to be completed by September 30, 2006.
“This is a great opportunity all-around for IMT,” said Steve Fairbanks, president of IMT.“Oshkosh's acquisition strategy states that they acquire market leaders, and we are honored that we are seen in that light by a company as prestigious as Oshkosh. We look forward to learning from and sharing best practices with the portfolio of market-leading Oshkosh companies.”
IMT is a leading North American manufacturer of field service vehicles, including mechanics' trucks, lubrication trucks and tire service vehicles. The company also produces truck-mounted telescopic cranes, articulating cranes and wallboard loaders. Oshkosh Truck is a leading manufacturer of specialty commercial, fire and emergency and military trucks, and truck bodies with brand names such as Pierce fire trucks, McNeilus concrete mixers, Jerr-Danwreckers and London concrete mixers. With sales of about $3 billion for its fiscal 2005, Oshkosh employs more than 8,000 people worldwide.
IMT is headquartered in Garner, IA, employs about 375 people and is expected to operate as a wholly owned subsidiary of Oshkosh Truck Corporation's commercial segment.