Toromont buys Quebec-based Hewitt for over $1 billion

Paterniano Del Favero
Agosto 29, 2017

Toromont Industries announced on Monday it's buying Hewitt Equipment Limited for nearly $1.02 billion in cash and stock.

Industrial equipment company Toromont Industries Ltd. has a friendly deal to buy the Quebec-based Hewitt Group for a combination of cash and shares worth about $1.02 billion.

That will bring Toromont's total number of Caterpillar dealerships to 120, located in Canada's seven eastern provinces and the northern territory of Nunavut. Hewitt is also the MaK dealer for Québec, the Maritimes and the Eastern seaboard of the USA, from ME to Virginia.

"Acquiring Hewitt marks a very important milestone for Toromont and is beneficial to our customers, employees and shareholders on many levels", said Scott J. Medhurst, Toromont president and CEO.

"The acquisition delivers a substantial growth opportunity, allowing us to expand into the significant Québec, Western Labrador and Maritime markets, and strengthens our expertise in the mining, construction, power systems and forestry sectors". "With the trend towards consolidation taking root in each of the sectors in which Hewitt operates, we are confident that our customers and employees will benefit from working within an even larger organization with access to even more resources and capital".

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