Yanmar Group announced Sept. 11 the completion of its acquisition of compact equipment manufacturer ASV Holdings Inc. (ASV), a designer and manufacturer of compact tracked loaders and skid-steer loaders.
The announcement is the final step in the acquisition, following the June disclosure of a definitive agreement for Yanmar to acquire the company through the mechanism of a statutory merger.
Yanmar has acquired 100% of ASV's outstanding shares of common stock for total consideration of $70.7 million, or $7.05 per share.
ASV's independent dealer network throughout North America, Australia and New Zealand will join Yanmar's existing global construction equipment operations. The company also sells original equipment manufacturer (OEM) equipment and aftermarket parts and owns and operates a 238,000 sq. ft. production facility in Grand Rapids, Minn.
“We expect ASV to realize significant, channel and product synergies after joining the Yanmar Group,” Yanmar Holdings executive officer Giuliano Parodi stated. “In addition, the ASV Grand Rapids facility will continue as a center of excellence for compact tracked loaders and skid-steer loaders while benefiting from the global capacity and resources of the Yanmar Group.”
The acquisition strengthens Yanmar's range of compact equipment products, allowing it to offer full dig, load and carry solutions on the worksite and contribute to prospects for growth in North America and globally.
Yanmar began in Osaka, Japan, in 1912 and made a compact diesel engine in 1933. With industrial diesel engines as the cornerstone of its enterprise, Yanmar has continued to expand its product range, services and expertise to deliver total solutions as an industrial equipment manufacturer. As a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine equipment, machine tools and components, Yanmar's global business operations span seven domains.
Since 1968, Yanmar Compact Equipment has been designing, manufacturing, selling and servicing compact equipment for its worldwide spread customers from three production sites in Fukuoka, Japan; St-Dizier, France, and Crailsheim, Germany.