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The content of this report represents our interpretation and analysis of inforrmation generally available to the public or released by responsible individuals in the subject companies, but is not guaranteed as to accuracy or completeness. It does not contain material provided by our clients. Individual companies reported on and analyzed by Manfredi & Associates may be clients of this and or other Manfredi & Associates services. This information is not furnished in connection with a sale or offer to sell securities or in connection with the solicitation of an offer to buy securities.

Copyright © Manfredi & Associates ISSN 1464-1313

EUROPE

HEARD IN THE DIRTTM

ISSUE 1 2015

VOLUME 1-15

Caterpillar Financial Results, A Prefect Reflection Of The World

Caterpillar reported its 2014 fourth quarter and year end results. The stock was hard hit and pulled down the Dow Jones averages. In July 2014 Caterpillar stock was trading as high as $111 per share. As of today it’s trading at just under $80 per share a decline of 28%.

Caterpillar’s annual revenues were in line with everyone’s expectations, about even compared with 2013 (2014, $55.1 billion vs 2013 $55.6 billion). Profits were down about 2% for the year and fourth quarter profits were down 25%. But it appears that what really has people upset is the company’s revised 2015 forecast. At the end of the third quarter Caterpillar management indicated they expected 2015 revenues to be flat to up. In the fourth quarter release management is now saying they expect revenues to come in at about $50 billion, a 10% decrease from 2014 actual.

(continued on page 3...)

• CaterpillarFinancialResults

• JCBHistoricEngineSupplyDeal

• 2015EconomicOutlookforEquipment and Software Investment

• LiebherrGroup’sRevenuesFlatIn 2014

• Volvo’sFirstElectricHybridInService

• U.S.ConstructionPutinPlaceWillReach$1.040Billionin2015

• KobelcoNewExcavatorProduction Facility in South Carolina

© Manfredi & Associates, Inc ISSUE 1 20152

Table of Contents2015EconomicOutlookforEquipmentandSoftwareInvestment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

AEDtoUSCongress:ResponsiblePolicyCanBePowerfulMedicine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Agco $500 Million Share Repurchase Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

AtlasCopco’sNewRemoteOperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

bC India Show Announces Strong Attendance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

BellEquipmentToReduceWorkforce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

CarlyleGroupAcquiresAxleTechInternational . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

CaterpillarCelebrates85YearsontheNewYorkStockExchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Caterpillar Considering Small Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

CaterpillarToCut200IllinoisJobs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

China Manufacturing PMI Falls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

China'sXiamenXGMAToJoinAviationConglomerateAVIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

CNHIndustrialCapitalAnnouncesPresidentWillRetire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

DaimlerTrucksLeadershipChangesInAsia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Danfoss Introduces Telematics Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

DeereCEORequestsCutinBonus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

DEUTZ To Enter Into New Partnership With Zetor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

G.CooperEquipmentRentalsBuysAlbionRentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

GenieEstablishesNewLocationInAustralia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

GerkenAcquiresWillenbrockPlatformDivision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

HirepoolPlacesConfidenceInGenie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

HSSHireGroupAnnouncesIPOontheLondonStockExchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

JCBHistoricEngineSupplyDeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

JLGReorganizesGlobalAWPMarketingTeam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

J.P.MorganDowngradesCaterpillarOnEnergyExposure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

KonecranesRtgsToPortOfLomé,Togo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

KonecranesToDeliver16Rtgs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

KonecranesWastePlantInSingapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

LiebherrGroup’sRevenuesFlatIn2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Liebherr Magement Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Link-BeltAwardedGoldPrizebySumitomoHeavyIndustries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

MontabertRemanufacturingProgramforHydraulicBreakersandDrifters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

MorrisAddsNewCaseExcavatorsToU.K.Fleet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

New Construction App From Atlas Copco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

RamirentAndZeppelinRentalJV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

RamirentReceivesMulti-SiteStandardsCertifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

RamirentRevisesItsFullYear2014Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

RollerAllianceForWackerNeusonAndWirtgen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

ScaniaReaches100,000ConnectedTrucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Scania’sCEOtoleadACEABoardfor2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Scania'sCFOMovestoHusqvarnaGroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Scania’sNewVehicleCommunicationWristwatch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Scania To Invest In Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

ScaniaToTestWirelesslyChargedCityBus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SunbeltRentalsEntersCanadianMarketWithAcquisitionOfGWGRentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

TerexOEMAgreementToBuildSiteDumpersForJCB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

U.S.ConstructionPutinPlaceWillReach$1,040Billionin2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

VolvoCEInChinaProvisionForExpectedCreditLosses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

VolvoPentaExpandsPartnershipWithTerberg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Volvo’sFirstElectricHybridInService . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

WestportBuysPrinsAutogassystemen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

machinery OUTLOOK EUROPE ®

www.m a c h i n e r y o u t l o o k e u r o p e . c om


I believe that Caterpillar’s outlook is a perfect reflection of the overall world economy. Mineral commodity prices – oil, copper, coal and iron ore—are expected to be down and a negative for the company’s sales. In their fourth quarter release the company said, “The recent dramatic decline in the price of oil is the most significant reason fro the year-over-year decline in our sales and revenues outlook. Current oil prices are a significant headwind for the Energy & Transportation [a Caterpillar business segment] and negative for out construction business in the oil producing regions of the world. In addition, with lower prices for copper, coal and iron ore, we’ve reduced our expectations for sales of mining equipment.”

The company went on to indicate their outlook for China has diminished. Sales gains in North America (up 13% in the 3rd quarter) were offset by declines in the company’s Asia/Pacific and Latin America regions. Weak currencies in Europe and Japan also caused problems as the company produces lots of machines in those regions and exports them to other parts of the world. The transactions are usually priced in dollars. Caterpillar’s has reduced inventories in response to lower sales as have the company’s dealers.

It appears to me that Caterpillar’s business is a model of the world economy. If you agree with me then the only part of the world economy that is doing well is North America. The question becomes can our two countries, the U.S. and Canada, be a large enough engine to pull up the rest of the world? Most people I speak with are still hurting from the Great Recession and are hesitant to make major investment decisions without getting some comfort from our own government that the future will be good. DEUTZ To Enter Into New Partnership With Zetor

Cologne-based engine manufacturer DEUTZ announced that it has begun a long-term cooperation with ZETOR TRACTORS a.s. a Brno, Czech Republic producer of agricultural machinery, to equip its tractors with TCD 2.9 L4 and TCD 6.1 L6 engines. In ZETOR TRACTORS, DEUTZ AG was able to secure another partner for long-term cooperation in the agricultural equipment sector.

ZETOR produces tractors from 60 to 150 HP at its plant in the Czech Republic. They are primarily sold into the European market but also are sold in North America. ZETOR also announced it will be manufacturing new tractor models in 2015 and 2016 that will be equipped with TCD 2.9 L4 and TCD 6.1 L6 model series engines.

(....continued from front page)




Scania’s New Vehicle Communication Wristwatch

Engine manufacturer Scania is taking the lead in wearable technology – the growing trend for fusing fashion and high tech – with a smart wristwatch that communicates with trucks. Scania Watch is a simple way of collecting information on variables including fuel consumption, driving efficiency and average speed. It can also be used to receive email, text message and phone call notifications.

Scania developed the watch with Sony Mobile. The first version is being launched as a limited edition of 999 watches, called the Black Griffin. Scania will continue to develop the device, improving usability and adding new functions via software downloads.

JCB Historic Engine Supply Deal

JCB announced recently that it has won one of the biggest engine supply deals in its history after securing an annual contract valued at approximately £4.5 million (€5.7 million). The company will supply Terex GB Ltd with engines to power site dumpers made at the firm’s Coventry, UK plant. The engines made by JCB Power Systems in Derbyshire, UK, will be the latest Ecomax 55kW/74HP stage3B/Tier 4 Final models. Initially they will power two Terex site dumpers in its range: the TA6 and TA6S.

JCB began producing engines at its plant in Foston, Derbyshire at the end of 2004 and engine production was extended to India in 2011. To date JCB has produced 350,000 engines globally. JCB engines now power more than 70% of JCB’s products.

Agco $500 Million Share Repurchase Program

AGCO, the worldwide agricultural equipment manufacturer and distributor announced that its board of directors has authorized a share repurchase program of up to $500 million of the company’s common stock. The latest authorization is in addition to any previously authorized share repurchases and is effective through December 31, 2016. That company said that share repurchases may be made from time to time in open market transactions at prevailing market prices or in privately negotiated transactions.

The actual timing, number and value of shares repurchased under the latest program will be determined by management at its discretion within the terms of the authorization, and will depend on a number of factors, including the trading price of the stock, and general market and business conditions and applicable legal requirements. This program does not oblige the Company to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.




Scania's CFO Moves to Husqvarna Group

Jan Ytterberg, the former CFO of Scania, recently moved to Husqvarna Group and was appointed senior vice president and chief financial officer. Mr. Ytterberg was at Scania, the truck manufacturer, for 27 years, where he held various positions in finance and served as executive vice president and chief financial officer at Scania Group since 2006. He was also based in Brazil, Spain and Sweden.

Mr. Ytterberg holds a Master of Science degree in business administration & economics from the University of Stockholm, Sweden. He will assume his position during the first half of 2015.New Full-Line Case Dealer For UK Case Construction Equipment announced it recently added a new dealership to its U.K. dealer network with the Staffordshire-based Johnsons of Cheadle. Johnson of Cheadle will cover Staffordshire and Shropshire areas. It already has a relationship with the Case brand through its existing franchise with Case IH. Its sales team, backed by its service technicians, will support the new venture and spare parts support from its Staffordshire depots in Cheadle and its latest site in Eccleshall.

Andy Blandford, head of the CNH Industrial Construction Equipment business in Europe, Middle East and Africa (EMEA) region, said that this new dealer strengthens its expanding U.K. dealer network and supports the increasing interest in its machines across all construction sectors in the area.

Morris Adds New Case Excavators To U.K. Fleet

UK-based equipment rental company Morris Leslie Plant Hire Ltd (Morris) announced it is expanding its fleet with thirty Case crawler excavators in the 13 ton to 21 ton class. The company took delivery of twenty of the Case CX130C machines early in 2014, and late in the year received ten of the larger CX210C model.

Morris operates a network of nine hire depots throughout the U.K. from Perth to Plymouth with the new Case machines being introduced to support the equipment rental business in England. Morris expects its new Case machines to be heavily utilized and indicated there is strong demand in all sectors for these machines, especially in the civil engineering, home building and commercial building sectors.

The CX130C and CX210C models are from Case’s C series which are powered by low emission Tier 4 Interim engines and utilize the Case Intelligent Hydraulic System, which the company says increases efficiency and fuel savings.




CASE CX 210C LC CASE CX 130C LC

Genie Establishes New Location In Australia

Ariel lift platform company Genie in Australia has established a technical support branch in Darwin, the capital city of the Northern Territory, Australia. The new branch opened in November of 2014. The company said that the reason for the branch is to support the increase in construction and large projects in Darwin. The Darwin location will be the sixth parts and service branch operated by Genie in Australia.

Ramirent Revises Its Full Year 2014 Outlook

Vantaa, Finland-based rental company Ramirent announced revisions to its 2014 outlook. The company said that due to the accelerating impact of its main markets with geopolitical uncertainty combined with rapidly declining oil prices, it anticipates a moderate decline in the sales in the fourth quarter of 2014 compared to fourth quarter 2013. As a result, the company stated that capital investment in its rental fleet has been curbed. Additionally the company said it is taking restructuring measures with write-downs expected to have a €4 million negative effect on fourth quarter 2014 EBITA. Full year 2014 capital expenditure on non-current assets, excluding acquisitions, are expected to be 10% lower than in 2013.

The previous Ramirent forecast was for economic growth in 2014 to be modest and construction market demand to remain mixed in its core markets. At the time, Ramirent announced it would control costs and, for 2014, capital expenditure was expected to be about the same level as in 2013.

Volvo CE In China Provision For Expected Credit Losses

Volvo Construction Equipment’s (Volvo CE) operating income for the fourth quarter of 2014 will be negatively impacted by approximately SEK 650 M from a provision for expected credit losses in China.



CASE CX 210C LC

CASE CX 130C LC

Engine Manufacturer Isuzu Isuzu Engine Model 4 HKIX 4 JJ 1X Emission Ra�ng Interim Tier 4 Interim Tier 4 Engine Output - Net hp [ kW ] 160 [119.3] 100.4 [74.9] Transport Length �/in [ mm ] 31 � [9460] 25 � [7620] Transport Height Without Boom �/in [ mm ] 9 � 10 in [3000] 9 � 7 in [2920] Width Over Standard Tracks �/in [ mm ] 10 � 6 in [2990] 8 � 6 in [2590] Opera�ng Weight lbs [ kg ] 46737.9 [21200] 29100.9 [13200]

Data provided by Spec Check


The provision will have limited impact on the Volvo Group’s cash flow and net financial debt in the fourth quarter 2014.

Following an extended period of declining demand, low machine utilization and lower raw materials prices, profitability for Volvo customers and dealers primarily in the Chinese mining industry has declined and their financial positions have weakened. The risk for future credit losses has therefore increased, and as a consequence Volvo CE is provisioning SEK 650 M in the fourth quarter of 2014. The current provision level for expected credit losses is based on the company’s prevailing best estimate.

2015 Economic Outlook for Equipment and Software Investment

Investment in equipment and software is expected to grow 6% in 2015, driven by a steadily improving economy, according to the Annual 2015 Equipment Leasing & Finance U.S. Economic Outlook released recently by the Equipment Leasing & Finance Foundation (Foundation). Overall in 2015, the outlook for 12 individual equipment and software verticals tracked in the report is mixed, with some sectors outperforming others. The Foundation’s report, focused on the $903 billion equipment leasing and finance industry, forecasts 2015 equipment investment and capital spending in the US and evaluates the effects of various industry and external factors likely to affect growth over the next 12 months.

Highlights from the study include:

• TheU.S.economyispoisedtohaveabreakoutyearin2015,withgrowthexpectedtotop3%.Key“bright spots” that bode well for above-average growth include a rapidly improving labor market, increased access to credit, lower oil prices and fiscal healing. Meanwhile “wild cards” that could hinder growth include potential political gridlock, weakness in the global economy and geopolitical risks.

• Thesteadilyimprovingeconomywilllikelydrivesolidequipmentandsoftwareinvestmentgrowthin 2015. Continued improvement in the economy should gradually loosen credit constraints and increase credit demand as businesses and households gain more confidence in the economy.

• Equipmentandsoftwareinvestmentincreased9.3%inQ3of2014afterexpanding9.6%inQ2.Although these growth rates are unlikely to be sustained in the coming months, growth is still expected to be 5.9% in 2014 and remain relatively strong at 6.0% in 2015.

The Foundation-Keybridge U.S. Equipment & Software Investment Momentum Monitor, which is included in the report and tracks 12 equipment and software investment verticals, forecasts the following equipment investment activity:




• Agriculturemachineryinvestmentcouldseecontinuedmoderatedeclinesoverthenextthreeto six months.• Constructionmachineryinvestmentshouldmoderateoverthenexttwoquarters.

• Materialshandlingequipmentinvestmentgrowthmayexperiencesomemoderationoverthenext three to six months.

• Allotherindustrialequipmentinvestmentwilllikelyremainstrongoverthenextthreetosix months.

• Miningandoilfieldmachinerywilllikelysloworpotentiallyexperiencenegativegrowthin investment over the next three to six months, given recent declines in oil prices.

• Shipsandboatsinvestmentwilllikelyseelittlechangeinthenexttwoquarters.

• Railroadequipmentinvestmentshouldmoderateoverthenextthreetosixmonths.

• Trucksinvestmentisexpectedtobelittlechangedoverthenextthreetosixmonths.

The Foundation produces the Equipment Leasing & Finance U.S. Economic Outlook report in partnership with economics and public policy consulting firm Keybridge Research. The annual economic forecast provides a three-to-six month outlook for industry investment with data, including a summary of investment trends in key equipment markets, credit market conditions, the U.S. macroeconomic outlook and key economic indicators. The report will be updated quarterly throughout 2015.

Montabert Remanufacturing Program for Hydraulic Breakers and Drifters

Montabert, the hydraulic demolition and drilling attachments manufacturer, recently opened a new remanufacturing facility in Lake City, Georgia, to address the growing demand for remanufactured hydraulic breakers and hydraulic drifters. Factory technicians disassemble the used hydraulic breaker, carefully inspecting all of its components. The unit’s wear parts — seals, bushings, tool retainers, diaphragm and shank stop — are replaced, while the unit’s remaining parts are cleaned or replaced according to factory specifications. The unit’s cradle is generally reconstructed, as well. The breaker is then reassembled and painted before undergoing testing.

The remanufactured Montabert hydraulic breakers are sold to customers with one tool (moil, chisel or blunt) and covered by a six-month factory warranty, including parts and labor. In addition, Montabert




offers optional automatic grease stations, mounting caps and hoses. Similarly, factory technicians disassemble the used hydraulic drifter, carefully inspecting all of its components. The unit’s rubber seals and diaphragm are replaced, while the unit’s remaining wear parts — front head bushing, shank top, spline nut and bushings — are cleaned or replaced according to factory specifications. The drifter is then reassembled and painted before undergoing testing.

The remanufactured Montabert hydraulic drifters are covered by a three-month factory warranty, including parts and labor.

JLG Reorganizes Global AWP Marketing Team

The aerial work platform and telescopic material handler manufacturer JLG Industries, Inc., an Oshkosh Corporation company, announced recently it has reorganized its aerial work platform (AWP) product marketing team.

Jeff Ford, currently global category director for boom lifts, will become director of global strategy and business development. Mr. Ford will lead market, customer, and competitive assessments, long-range strategic planning, strategic pricing initiatives, and development of new market and business opportunities.

Corey Raymo, currently global category director for scissors, will become global category director for boom lifts. Raymo will be responsible for leading the product, strategy and go-to-market activities for all boom lift products.

Paul Kreutzwiser joined JLG as the global category director, scissors/verticals. Kreutzwiser and has over12 years of marketing experience in the AWP industry. He will lead the product, strategy and go-to-market activities for the global scissors and vertical categories.

All three positions report to Alan Loux, JLG’s global vice president of marketing.

Westport Buys Prins Autogassystemen

Westport Innovations Inc. (Westport), the manufacturer of natural gas engines and vehicles, announced recently that it has acquired Netherlands based Prins Autogassystemen Holding B.V. (Prins) for €12.2 million (approximately $15.1 million) through a combination of €6.6 million (approximately $8.2 million) in assumed liabilities and €5.6 million (approximately $6.9 million) in cash.




Founded in 1986, Prins is a developer of alternative fuel systems powered by liquefied petroleum gas (LPG or propane), compressed natural gas (CNG), and liquefied natural gas (LNG) for light-, medium-, and heavy-duty applications. Prins operations in Europe will be combined under the Westport Applied Technologies business unit.Prins Highlights

• €19.7million(approximatelyU.S.$26.8million)inrevenuefortheninemonthsendedSeptember 30, 2014 compared with €15.1 million (approximately $20.1 million) for the same period in 2013

• €23.2million(approximately$30.9million)inrevenuefortheyearendedDecember31,2013 compared with €29.2 million (approximately $37.7 million) for the year ended December 31, 2012

• ReportedEBITDAwas€1.5million(approximately$2.0million)fortheninemonthsended September 30, 2014 compared with €0.4 million (approximately $0.5 million) for the same period in 2013

• ReportedEBITDAwasEuro0.7million(approximatelyU.S.$0.9million)fortheyearended December 31, 2013 compared with Euro 5.3 million (approximately U.S.$6.8 million) for the year ended December 31, 2012

• Productoffering–afullsuiteofalternativefuelsystemsforbi-fuel,mono-fuel,anddual-fuel applications using LPG, CNG, and LNG

• Globaldistributionnetwork–sellstoendcustomersinover50countriesthroughOEMs,country importers, and distributors

• SystemsavailablefortopsixEuropeanOEMtruckbrands–aswellasglobalOEMssuchas

Hyundai and Kia

Wesport said it expects synergies with the Prins’ acquisition to provide an expanded product portfolio to include direct injection technology for LPG and CNG systems and a well developed portfolio of diesel dual fuel aftermarket systems.




Westport also expects that the Prins' relationships with global OEMs to complement Westport's existing strength in Europe, Asia, and North America and will allow for increased cross-channel sales and access to new markets including Turkey and Africa.

Midwestern U.S. and will employ approximately 75 employees after the first year.

Bell Equipment To Reduce Workforce

Reports out of Africa said that equipment manufacturer Bell Equipment is reducing its worldwide headcount by between 7% and 8%, affecting some of its 3,500 employees. Bell cited underperforming market conditions in South Africa as a driving factor behind the restructuring, and the company stated it will implement a plan to reduce costs in other countries if needed as well.

G. Cooper Equipment Rentals Buys Albion Rentals

G. Cooper Equipment Rentals Limited (Cooper), a compact equipment rental company in Toronto, Ontario, Canada, announced that it has acquired Albion Rental. Located in Bolton, Ontario, Albion Rental has been serving the equipment rental needs of the greater Toronto area for over 40 years. Albion’s senior management team, including president and owner Carl Sant, will continue in leadership roles with Cooper.

Cooper specializes in compact equipment rentals and offers a broad range of construction equipment and supplies from five locations in Rexdale, Scarborough, downtown Toronto, York Region and Bolton. In June 2013 Cooper received a majority investment from Halifax based SeaFort Capital.

China's Xiamen XGMA To Join Aviation Conglomerate AVIC

Aviation Industry Corporation of China (AVIC) announced that it is awaiting regulatory approval to take control of Xiamen XGMA Machinery Co Ltd, in an attempt to diversify into the aviation industry. In a stock exchange filing, Xiamen XGMA said it would be joining AVIC after its state parent handed over its 54% stake in the firm to two subsidiaries of AVIC.

For the first nine months of 2014, AVIC Heavy Machinery Co., Ltd. had profits of CNY 119 million with operating revenues of CNY 4.37 billion.




New Construction App From Atlas Copco

Atlas Copco Construction Technique announced it has launched a new App for use with Apple and Android devices, tablets and smart phones. The new construction App contains information about Atlas Copco’s range of products and services for the construction sector. The construction App, targeted at Atlas Copco customers and distributors, contains information on portable energy products, road construction equipment, demolition and recycling equipment, concrete and compaction equipment, and service products.

The App provides all the information required to make the correct product choice when selecting from Atlas Copco’s portfolio. The latest information and technical data on Atlas Copco construction equipment are easily accessible in the App and can all be downloaded. The App also provides notifications of new product launches and other news.

Filters make it easy to find products and more information or a quotation can be requested within the App. The App also contains videos for training purposes and interviews about Atlas Copco’s operations. Based on the user’s location, it will give information on the location and contact details of the nearest Atlas Copco Customer Center.

Sunbelt Rentals Enters Canadian Market With Acquisition Of GWG Rentals

Sunbelt Rentals, the second largest equipment rental company in North America, has made its first move into the Canadian rental market with the acquisition of GWG Rentals Ltd., a six-location company serving British Columbia and Alberta. GWG Rentals has locations in Burnaby, Surrey; Abbotsford and Richmond, British Columbia; as well as Calgary and Edmonton, Alberta. GWG Rentals offers wide-ranging construction inventory in compaction, aerial, material handling, earthmoving and other items.

Catalyst Strategic Advisors LLC acted as the exclusive financial advisor to GWG Rentals Ltd.

Liebherr Group’s Revenues Flat In 2014

For the 2014 fiscal year, the Liebherr Group said it is anticipating overall revenues of €8.866 billion ($10.007 billion) compared to €8.964 billion ($10.035 billion) in 2013, a 1% decline. In the area of construction machines and mining, a larger decline is expected. For the other areas, the 2014 figures are higher than 2013.




In the construction machines and mining divisions, Liebherr expects revenues of approximately €5.374 billion ($6.061 billion) which is a decline of €256 million ($288 million) or 4.5%. The decline is attributed to weakness of the global mining industry. The group’s construction machinery and mining area comprises the earthmoving, mobile crane, tower crane, concrete technology and mining divisions. In 2014, revenues in the mining division, in particular, fell considerably. By the end of the year, forecasts indicate that revenues for its other divisions will be €3.492 billion ($3.938 billion), an increase of €158 million ($178 million) or about 5%. These figures include maritime cranes, aerospace and transportation systems, machine tools and automation systems, domestic appliances as well as other products and services. Revenues by Sales Regions

Liebherr said its one strong market was Western Europe. In most other sales regions Liebherr recorded a decline in revenues. Particularly in the Far East / Australia region as well as in the near and Middle East, the level of growth has slowed considerably. In Africa and America, revenues for 2014 are anticipated to almost reach the 2013 levels. Capital Investments

Liebherr said that in 2014 it has invested €820 million ($926 million) heavily in production, sales and service., The company said it will expand its production site in Bulle, Switzerland, for diesel and gas engines over the next six years. The development center and the production facilities will be expanded and a logistics center and a training center will be built. The overall amount of investment is €160 million ($180 million). Another large investment project is the construction of a branch factory for components of drive and control technology in Biberach an der Riss, Germany. Initially, two production halls, each with more than 10,000 m² of floor space, and an office building will be built on a 14.5 hectare lot. The new production plant, in which switchgear, electric motors and generators are to be developed and manufactured in the future, will be opened in 2015. The investment in this facility will be approximately €50 million ($56 million). Additionally the company will be constructing a new logistics center near Kirchdorf an der Iller, Germany. Beginning in early 2015, this facility will supply spare parts for Liebherr earthmoving machinery globally. The investment volume for the first phase of construction, which is about to be completed, is in excess of €115 million ($130 million).




In Adelaide, Australia, the sales and service organization for construction machines and mining equipment has completed its expansion plans. A large component reconditioning center measuring 16,000 m² as well as a warehouse and logistics center with an area of 12,000 m² have been completed. The amount of investment was €60 million ($68 million). Employees

The number of employees in the Group has continued to increase this year. By the end of 2014, the Liebherr companies will employ about 41,000 people globally, an increase of 1,800 compared with 2013. Outlook for 2015 According to Company Management

For 2015, Liebherr said it is optimistic about the year and expects worldwide growth of 3.8%, which is stronger compared to 2014. The company said this was based on an initial forecasting and estimates.

Scania To Test Wirelessly Charged City Bus

Scania announced it will begin testing a wirelessly charged electric-hybrid city bus. The bus will begin operating on the streets of Södertälje, Sweden, in June 2016 as part of a research project into sustainable vehicle technology. As part of the field tests, the electric hybrid powertrain bus will go into daily operation. At one of the bus stops there will be a charging station where the vehicle will be able to charge wirelessly in six to seven minutes from the road surface, enough energy for a complete journey.

Scania is undertaking intensive research into various types of electrification technologies that could replace or complement combustion engines. Induction is among the options being investigated and would involve vehicles wirelessly recharging their batteries via electrified roads.

Scania and the Stockholm based Royal Institute of Technology (KTH) plan to test the technology in real-life conditions. The project will be run through their jointly operated Integrated Transport Laboratory research center. The Swedish Energy Agency will provide 9.8 MSEK for the project’s realization. Other stakeholders include Södertälje Municipality, Stockholm County Council and Tom Tits, the tech-oriented museum for children and youths.

Atlas Copco’s New Remote Operation

Atlas Copco recently introduced a unique remote operator station that enables operators to do their job from a safe distance, and manage up to three rigs in parallel. A well-known problem for drillers is the risk




of working close to unstable and hazardous benches, while still having to drill close to the wall. Atlas Copco’s remote operator station, called BenchREMOTE, can be used up to 100 meters from the drilling area and up to 30 meters above the rig, in conditions where the operator has a direct line of sight with the drill rig doing the work. The BenchREMOTE operator station can be installed in a vehicle, trailer or container and all controls and screens are the same as in the real cabin on the rig.

Communication, including that related to machine control and safety functions, takes place over a closed WiFi network. This makes BenchREMOTE completely independent of local network infrastructure. If the network is lost due to distance to the drill rig, the drill will shut down automatically. All SmartROC D65 drill rigs can be upgraded to use BenchREMOTE.

bC India Show Announces Strong Attendance

The joint BAUMA CONEXPO SHOW called bC India was recently held December 15 to 18, 2014 in the India Expo Centre in Greater Noida/Delhi. Approximately 26,000 visitors and 635 exhibitors from 25 countries attended the third show of the International Trade Fair for Construction Machinery, Building Material Machines, Mining Machines and Construction Vehicles. Exhibitors commented on the high quality attendees and many said they expect to return for the next show.

Volvo’s First Electric Hybrid In Service

Volvo announced recently that its new Electric Hybrid bus was recently placed into service. The new Volvo 7900 Electric Hybrid commenced scheduled operation in Hamburg, Germany, at the end of 2014. Its operation coincided with the opening of the ‘Innovation Route 109’. The route will be used by the public transport company in Hamburg, the Hamburger Hochbahn AG (HOCHBAHN), to run comparative tests of innovative drive technologies under the strict everyday conditions of scheduled services. The city of Hamburg has established the target that from 2020, only emission-free buses should be acquired by the city.

Alongside three Volvo 7900 Electric Hybrid buses, Volvo’s 18-meter articulated and 12-meter versions of the diesel hybrid buses will be tested on the route, as well as battery fuel cell buses and fuel cell buses from other manufacturers.

Different types and drive modes for the sustainable buses of the future are to be tested in parallel and under identical conditions. Conventional diesel buses will also be used on the route to serve as reference vehicles in the scientific comparison of the innovative drive concepts.




The Innovation Route 109 runs from the new Electric Bus Terminal near Hamburg Central Station to the final stop at the underground station in Alsterdorf. With a length of about ten kilometers, it’s suitable for the Volvo Electric hybrid buses, with plug-in technology that permits full electric operation over at least seven kilometers. Charging takes place at the two bus terminals.

Facts Volvo 7900 Electric Hybrid

• Thebusisequippedwithanelectricmotorthatispoweredbylithiumbatteries.Italsohasasmall diesel engine

• Thebusischargedquicklyatchargingstationsviaanoverheadpowerconnection.Recharging takes approximately 6 minutes at end stations.

• Thebuscanbedrivenatleastsevenkilometersonelectricityalone,coveringthedistancesilently and entirely without exhaust emissions

• Enablesindoorbusstops

• 75%fuelsaving

• 60%energyreduction

• 75%CO2reduction

• Length:12m

• Height:3280mm

• Width:2550mm

• Passengercapacity:95

• No.ofseats,max:32+1(folded)

• Electricalmotor:VolvoI-SAM,output:150kW,torque,max(Nm)1200

• Gearbox:VolvoI-Shift




• Lithium-ionbattery:voltage600V,capacity,total:19kWh

Scania To Invest In Sweden

A new priming painting shop is now being put into service at Scania’s cab manufacturing facility in Oskarshamn, Sweden. With the new paint shop, the technical capacity in Scania’s European production structure will increase from 60,000 to 80,000 truck cabs annually. Approximately €42 million ($51 million) has been invested in a lean and efficient production process.

The new priming paint shop is housed in a five-story building with a total area of 5,000 square meters. At the production facility, cabs are pre-treated through alkaline degreasing and rinsing, and after that phosphatizing, rinsing and drying occur before the primer is applied in powder form and finally dried. At the new priming paint shop, only two percent of the powder used is wasted.

The cabs that are produced in Oskarshamn are delivered to Scania’s three European final assembly plants, which are located in Sweden, the Netherlands and France, and are included in the company’s exports of kits from Europe for local assembly.

Scania in Oskarshamn has 2,000 employees. The operations are organized in five different workshops which are sheet-metal stamping, body-building, priming and final painting and final assembly.

Ramirent Receives Multi-Site Standards Certifications

Ramirent announced it has received a multisite certification for its management system called RamiWay. This is in accordance with the strategic objective of building a common Ramirent Platform. The multi-site certification states that Ramirent’s management system fulfills the requirements set by the standards ISO 9001, ISO 14001, and OHSAS 18001 for quality, environmental and occupational health and safety management. The current multi-site certification covers Finland, Sweden, Estonia, Latvia and Lithuania. The certification is planned to cover the remaining countries where Ramirent has locations by the end of 2016.

Applying for multi-site certification is common among organizations that operate on multiple sites and especially when these are located in many countries. In the multi-site certification Ramirent is no longer treated as a company operating in separate countries, but instead one company without country borders operating through multiple sites and managed through one common management system.




Daimler Trucks Leadership Changes In Asia

Daimler recently announced that leadership changes will occur in Asia. The company reported that Dr. Albert Kirchmann , currently head of Daimler Trucks Asia, will become chairman of Daimler Trucks Asia as of April 1, 2015. In this position, he will consult and support the company’s strategic development and will continue to represent Daimler on the political level as well as in industry associations in Japan. Working at the company since 1984, Dr. Kirchmann has held various leadership positions in the areas of planning, controlling, and strategy over many years. He assumed his current position in June 2009.

Marc Llistosella, currently head of marketing, sales & aftersales trucks for Asia & Daimler India Commercial Vehicles (DICV), will become head of Daimler Trucks Asia (Fuso and BharatBenz) as of April 1, 2015. He entered then Daimler-Benz AG in 1994 and held various management positions in sales and strategy. From the beginning of the planning phase, Mr. Llistosella was responsible for Daimler Trucks’ market entry in India, leading the successful development of the new brand BharatBenz. In August 2014, he took over sales responsibility for the entire Mitsubishi FUSO Truck and Bus Corporation product portfolio.

Michael Kamper , currently managing director of trucks at Mercedes-Benz UK, will become new head of marketing, sales & customer services trucks Asia as of March 1, 2015. At the company since 1995, Kamper has proven his expertise in the truck business in various leading positions in international sales and customer experience.

Volvo Penta Expands Partnership With Terberg

Volvo Penta has announced the continuation of its long-term relationship with Dutch manufacturer Terberg. Beginning in early 2015, Volvo will provide the company with Stage IV/Tier 4 Final and Stage IIIA/Tier 3 eight-liter diesel engines ranging from 160 kW to 235 kW. The engines will power Terberg’s YT222 yard tractors and its RT223, RT283 and RT323 RoRo tractors used in shipping ports.

The relationship between Volvo Penta and Terberg has been a lengthy one, with Volvo Penta supplying engines to the company since the 1970s. Not only does Terberg use Volvo engines but Volvo Penta also distributes Volvo Trucks parts and axles to the company. Terberg also modifies standard Volvo trucks by adding driven and non-driven axles to the drivelines.

Volvo Penta has been extensively testing its Stage IV/Tier 4 Final engines in material handling applications at ports in Felixstowe, UK, and Gothenburg, Sweden, where feedback from operators has been positive regarding noise levels, drivability and fuel consumption.




Terberg is a Dutch producer of material handling equipment used in ports, logistics, railroads, construction and airports; subsidiaries of the company also manufacture a number of other products including waste handling equipment, fire engines and fire trucks, forklifts, and control and solutions.

Deere CEO Requests Cut in Bonus

The Wall Street Journal reported that Deere & Co. Chief Executive Sam Allen asked the company’s board to cut his cash bonus for 2014 by 25% in the wake of tough conditions in the farm equipment market and the company’s stock value, Deere said in regulatory filing recently. Deere said the board honored Mr. Allen’s request, “resulting in total payments .... of $1.8 million less than the amounts he would have otherwise earned” for meeting the company’s performance goals.

Mr. Allen’s total compensation for the company’s fiscal year ended Oct. 31 rose 5.9% from last year to $20.3 million. Much of the increase came from a change in the value of his pension and deferred compensation, which rose to $3.14 million from $1.19 million in 2013. Excluding the pension, Mr. Allen’s compensation, which also includes awards of stock and options, fell 4.6% to $17.1 million. His base salary rose 4.1% to $1.49 million, but his incentive-based bonus slipped 19.5% from 2013 to $5.39 million. Without the voluntary reduction, his Mr. Allen’s bonus would have climbed 7.3% to $7.19 million.

Hirepool Places Confidence In Genie

FollowingthemergerofNewZealandcompaniesHirepoolandHireQuipin2013,thenewHirepoolcompany announced it will be expanding its fleet. Hirepool will be adding 90 Genie slab scissors and Genie boom lifts including the Genie GS-1932 and Genie GS-3246 scissors plus Genie S-65 boom. The order includes routine fleet maintenance together with the units required to meet market demand for Hirepool access equipment in the Auckland and Christchurch markets.

The growth in the market reflects the strengthening of the New Zealand economy in general, and the rebuilding of Christchurch as it recovers from a series of earthquakes. The building and construction work being undertaken in Christchurch is expected to continue for many years.

New regulations in New Zealand which cover working height require contractors to supply a small scissor lift in applications where a stepladder can no longer be used.




Scania Reaches 100,000 Connected Trucks

In December 2014 on-highway truck manufacturer Scania supplied its 100,000th truck with activated connectivity, which means that the owner as well as Scania’s workshops receive regular updates on the truck performance. This feature is included as standard in many European markets and in a number of major markets in Asia and Africa. Scania began installing the connectivity option in 2011.

The company said that currently 95% of its customers accept the offer to activate connectivity. Scania customers are able to connect their vehicles to their own office networks and to Scania’s workshops, through a basic package that is free of charge. Remote Diagnostics and Driver Coaching are the most-used services. Scania can also access and read a truck’s status with regard to a number of parameters that are important for uptime and operational economy.

CNH Industrial Capital Announces President Will Retire

CNH Industrial N.V. announced that Steven Bierman, president of CNH Industrial Capital LLC, CNH Industrial's financial services segment in North America, will retire effective March 1, 2015. The company said that Brett Davis will assume the role as president. In July 2011 Mr. Davis relocated to Curitiba, Brazil to lead CNH Capital´s Brazilian Banking business. Mr. Davis joined the company in 1996 as Assistant General Counsel. In 1998 he was appointed Western Region Operations Manager, later assuming responsibility for CNH Capital Argentina, establishing a financial services business. He held the position of Managing Attorney for CNH Capital North America from 2005 to 2007 and most recently served as Senior Director of the North American Commercial Lending Business. Prior to joining CNH Capital Mr. Davis worked in the corporate finance department at the McNees Wallace & Nurick law firm in Pennsylvania.

Mr. Davis holds both a law degree and a bachelor’s degree from The Pennsylvania State University. He is also conversant in Spanish and Portuguese.

China Manufacturing PMI Falls

The Chinese government’s official manufacturing Purchasing Managers Index, a gauge of conditions in the industry, slipped to 50.1 in December from 50.3 a month earlier, the National Bureau of Statistics announced in late December 2014-—the lowest reading in a year and a half. Any number above 50 indicates expansion, but the pace of growth is now marginal.




According to the official PMI, there was a slight recovery in export orders, with that sub-index rising to 49.1 from 48.4, but new orders overall fell to 52.2 from 52.5. That suggests China’s domestic demand is softening. Wholesale prices for raw materials and manufactured goods continued to fall for raw material prices dropping to 43.2, the lowest figure for 2014.

China’s manufacturing sector has suffered from deflation for almost three years, because of a combination of excess factory capacity at home and falling prices for raw materials on global markets. While companies benefit from lower input prices, deflation also makes it harder for them to repay their loans.

Link-Belt Awarded Gold Prize by Sumitomo Heavy Industries

Link-Belt Construction Equipment, a wholly-owned subsidiary of Sumitomo Heavy Industries (SHI) of Tokyo, Japan, has been recognized as the sole winner of the 2014 Gold Prize of SHI's President's Award for quality and innovation. The objective of the President's Award process is to recognize best practices that have contributed to improvement to return on investment and business results within the SHI family of companies. SHI had not awarded this category since 2008.

Link-Belt said the award was due to the results from a seven-year greenfield project led by Paul Zink, Link-Belt facility, maintenance, and production engineering manager. Mr. Zink and his team of production engineers, maintenance technicians, and Kaizen team welders, set out to create formed booms for Link-Belt construction equipment in January, 2007, and added this production to its core competencies.

In order to create their own formed boom, Mr. Zink and his team came up with the New Boom Production System, based off of testing and field research at more than 47 large production manufacturing facilities globally. Production volume targets were established by projected future growth and crane sales in 2007. Future boom material strengths and boom sizes were anticipated and written into the machine, process and building specifications for building a 2000 ton formed boom press system at Link-Belt’s plant in Lexington, Kentucky.

In early 2009, Link-Belt Construction Equipment and its in-house production engineering team created their first formed boom, and since that time have supplied thousands of boom sections to meet Link-Belt’s customer demand. Much of the formed boom process at Link-Belt is designed, elementally, to be different than other competitive formed boom practices. For example, Mr. Zink and his team opted for a single press instead of an often used two press system. Link-Belt only uses laser cutting on paint free material and uses precision bend line positioning and bend angle measurement devices, accurate to within .01 degrees, to determine boom shape.




U.S. Construction Put in Place Will Reach $1,040 Billion in 2015

FMI, a management consulting and investment banking company servicing the engineering and construction industry, announced recently its 2015 U.S. Markets Construction Overview. Researchers at FMI predict 2014 will end with approximately 7% growth in construction put in place (CPIP). This rate of growth is expected to continue with a total CPIP of $1.040 billion in 2015.

The report highlights that the booming oil and gas industry in North America is driving growth in the industrial market, but could be draining talent and resources from other sectors. It also indicates that finding, hiring and retaining talent will continue to be challenging and that there is a strong need for succession planning as baby boomers retire in large numbers. Additionally, funding for large public projects will continue to be challenging, especially for many state and local governments.

J.P. Morgan Downgrades Caterpillar On Energy Exposure

On January 5, 2015, J.P. Morgan downgraded Caterpillar to Underweight from Neutral with an $80 price target, down from $95, citing the machinery maker's direct exposure to oil and gas and indirect exposure to mining, U.S. construction and emerging markets. J.P. Morgan said that CAT's exposure to oil and gas totals $6.5 billion, or approximately 12% of total revenues, as it supplies turbines to offshore rigs, as well as reciprocating engines and transmissions for on-site drilling. Since 2010, Caterpillar equipment demand has been strongly correlated with the expansion of fracking and other resource focused industries.

Caterpillar Considering Small Acquisitions

Caterpillar chairman and CEO Doug Oberhelman told Bloomberg Television in late December 2014 that the company is considering smaller size acquisitions in 2015. Bloomberg reported that a JPMorgan Chase & Co. analyst indicated, after meeting with Oberhelman, that Caterpillar is likely to look at deals focused on mining, oil and gas and electric power.

Mr. Oberhelman said that Caterpillar has avoided acquisitions of companies serving the energy industry in recent years because of high valuations. However, with the recent drop in oil prices, such opportunities might be more attractive over the next few years.




Konecranes Rtgs To Port Of Lomé, Togo

Hyvinkää, Finland headquartered crane manufacturer Konecranes announced it received an order for 10 rubber tired gantry cranes (RTG) from Lomé Container Terminal SA in Lomé, Togo. They will be identical to the 12 the company had delivered in 2014. Lomé’s Konecranes RTGs are all-electric, 16-wheel cranes powered by a busbar system. They have a lifting capacity of 40 tons stacking 1-over-6 containers high and 7 plus truck lane wide. Delivery for this order is scheduled for the end of 2015 and in 2016. Lomé Container Terminal will operate 22 Konecranes RTGs. The order was booked in the fourth quarter of 2014.

Scania’s CEO to lead ACEA Board for 2015

The European Automobile Manufacturers’ Association (ACEA) announced recently that its commercial vehicle board of directors has elected Martin Lundstedt as its new chairman for 2015. Mr. Lundstedt, president and CEO of Scania, follows Wolfgang Bernhard, head of Daimler Trucks, who took over the chairmanship of ACEA's Commercial Vehicle Board in 2013, and went on to serve a second term in 2014.

ACEA said its top priority for the industry is to continue to address the challenge of further regulations for CO2 emissions reduction. The group has formulated three recommendations to policy makers:

• Totakefullaccountofthecomplexityofthecommercialvehiclemarket,whichcannotbe reflected in a ‘one-size-fits-all’ approach.

• Toimproveconsumerinformation,tofurtherstrengthenmarketforces.Thiswillmakethe customer the best regulator.

• Tofosterclosepartnershipsbetweenallrelevantstakeholdersthroughafullyintegratedapproach in order to double the annual potential of CO2 reduction.

ACEA is based in Brussels, Belgium, and represents 15 major car, van, truck and bus producers in Europe. The ACEA commercial vehicle members include DAF Trucks, Daimler Trucks, IVECO, MAN Truck & Bus, Scania, Volkswagen Commercial Vehicles and Volvo Group.




AED to US Congress: Responsible Policy Can Be Powerful Medicine

The Associated Equipment Distributors (AED) President & CEO Brian P. McGuire recently delivered a message to the 114th Congress on Capitol Hill in a letter outlining the association’s policy, urging swift, bipartisan action to spur economic growth and job creation.The association recommended a series of key actions to make it easier for construction equipment dealers to succeed by reducing costs of doing business and expanding product markets, including the association’s top priority—providing long-term certainty to the federal highway program.

Additionally, AED urged reinstating capital investment incentives, which have been proven to stimulate growth. “Parceled together,” the letter stated, “a highway bill, [reinstatement of ] bonus depreciation, and higher Sec. 179 levels would be powerful medicine to bolster the construction, distribution, and manufacturing sectors and put the economy on track for years of prosperity.”

In addition to restoring certainty to the federal highway program and incentivizing capital investment, AED is urging Congress to ensure adequate water infrastructure investment, simplify the tax code, expand domestic energy development, address the skilled, technical worker shortage and reform the Affordable Care Act.

Carlyle Group Acquires AxleTech International

The investment group The Carlyle Group (Carlyle) announced recently that it has acquired AxleTech International, a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components. AxleTech is headquartered in Troy, Michigan, and Carlyle purchased it from General Dynamics Corporation. Carlyle previously owned the business from 2005 to 2008.

AxleTech supplies nine vocational markets: agricultural, aircraft ground support, construction, forestry, material handling, defense, mining, specialty truck and transit. AxleTech has manufacturing, distribution, and engineering facilities in Oshkosh, Wisconsin; Chicago, Illinois; St. Etienne, France; and Osasco, Brazil.

Mary Petrovich, CEO of AxleTech from 2002-2011, will rejoin the firm as executive chairman. Joe Mejaly, who joined the business in May 2014 as general manager, will become CEO under Carlyle’s ownership. Terms of the transaction, which closed recently, were not disclosed.




Capital for the acquisition came from Carlyle Equity Opportunity Fund, a $1.1 billion fund that makes control and minority investments in middle market companies with significant unrealized growth potential, both in the U.S. and internationally.

Carlyle is no stranger to investing in the off-highway market. The company acquired a 25% ownership stake in Grupo Orguel, one of Brazil's largest equipment rental companies in 2012. In 2005 Carlyle agreed to pay $375 million for an 85% stake in the Chinese based Xugong Group Construction Machinery Co., Ltd. (XCMG). The XCMG transaction was entangled in red tape and ultimately failed after the central government ministries were pressured to block the investment largely reported as being led by Sany Heavy Industry Chinese rival.

Caterpillar To Cut 200 Illinois Jobs

Caterpillar plans to cut 200 jobs at its Decatur and East Peoria, Illinois facilities, the Chicago Tribune newspaper reported late January 2015. The company said the layoffs are a result of weak mining conditions. The resource industries segment of Cat has been under pressure with the slump in commodity demand during 2014.

Danfoss Introduces Telematics Solution

Danfoss announced it has introduced Danfoss Telematics Solutions which will allow OEMs to implement telematics features without the need for specific programming knowledge. Danfoss engineers developed the solution as an easy-to-integrate telematics platform for either new off-highway equipment or existing fleet retrofits. Danfoss says that while other telematics solutions offer bits and pieces of capability, its new system design offers a comprehensive suite of telematics as an all-in-one system. The system includes data analysis, remote diagnostics, remote change of system parameters, remote software updates, geofencing, and automated report generation.

The system combines machine-integrated technology, satellite, and cellular network connectivity, and a customizable, intuitive user interface to give fleet owners visibility of how, when, and where their equipment is used. It uses a powerful and versatile IT infrastructure and web-based interface to gather, transmit, interpret, and store data that is most valuable to the end user. The customizable interface is easy to use and accessible on mobile devices such as smartphones and tablets.

ThroughuseoftheDanfossPLUS+1platform,OEMscanimplementtelematicsfeatureswithouttheneedforspecificprogrammingknowledge.ThePLUS+1platformalsomakesretrofittingequipmentassimple as replacing a cable without the need to change a single line of software code.




Danfoss Telematics Solutions offer compliance with Global System for Mobile (GSM) wireless communication and GPS technology, meaning every Danfoss telematics unit will function anywhere in the world. The flexibility comes with the speed and performance of 3G/UMTS as well as HSDPA (High Speed Downlink Packet Access) and HSUPA (High Speed Uplink Packet Access.

Caterpillar Celebrates 85 Years on the New York Stock Exchange

Caterpillar Inc. chairman and CEO Doug Oberhelman rang the opening bell on December 22, 2014 on the New York Stock Exchange (NYSE) to mark the 85th anniversary of the company's listing on the NYSE (NYX), considered the world's foremost securities marketplace. Of the approximately 3,200 companies listed on the NYSE, Caterpillar is among only 2% that have been listed for 85 years or more.

Caterpillar brought equipment to display to give Wall Street traders and New York City dwellers an opportunity for a up-close look at Cat machines by displaying a mixer truck, wheel loader, skid steer loader and backhoe loader.

Below are some facts about Caterpillar and it’s 85 Years on the New York Stock Exchange:

• ThecompanylistedonDecember2,1929,underthenameCaterpillarTractorCompany.In1986, the name was changed to Caterpillar Inc.

• InMay1991,Caterpillarbecameoneof30companiesintheDowJonesIndustrialAverage.

• Caterpillarsalesfor1929were$52millionandprofitwas$12million.

• AninvestorbuyingoneshareofCaterpillarTractorCompanyat$56.25in1929wouldhavean investment worth about $40,000* today, accounting for share price growth, stock splits and dividends over the past 85 years. (*As calculated at close December 2, 2014)

• Caterpillar'stotalshareholderreturnhassustainedanannualcompoundedgrowthrateof8percent since the company listed in 1929.

• OnDecember2,1929,thefirstlistingday,1,882,240shareswereoutstandingand400sharesof Caterpillar stock were traded. On December 2, 2014, there were more than 605,000,000 shares outstanding and about 4 million shares traded.




HSS Hire Group Announces IPO on the London Stock Exchange

HSS Hire Group, the tool and equipment rental company located in the U.K. and Ireland, announced recently its intention to proceed with an initial public offering (IPO). The company intends to apply for admission of the shares to the premium-listing segment and to trade on the main market for listed securities of the London Stock Exchange. Following a pre-IPO reorganization, the company will become a parent company of HSS Financing plc.

In connection with the IPO, HSS also announced the appointment of Neil Sachdev as deputy independent non-executive chairman, and Amanda Burton and Douglas Robertson as independent non-executive directors. The offer is expected to comprise new and existing shares and the company intends to apply the entire primary proceeds of £103 million to reduce its current debt and provide funding for capital expenditure and to the payment of transaction fees.

Gerken Acquires Willenbrock Platform Division

Neuss, Germany based access rental company Gerken announced recently it has acquired the platform division of the Willenbrock group, which says that it plans to shift its focus fully onto its fork truck rental business following its acquisition of Linde Material Handling during the beginning of 2015. The move will allow the company to expand coverage into northern Germany.

Reports out of Germany indicate that Gerken operates a fleet of 4,200 aerial lifts, of which 220 are truck mounted, from 18 locations, with 240 employees, while the Willenbrock platform division has a fleet of 679 units, of which 15 are truck mounted. Willenbrock work platforms has five locations with 73 employees.

Konecranes Waste Plant In Singapore

Konecranes reported it received an order from Hyundai Engineering & Construction Co Ltd and Hyundai Engineering Co Ltd JV, who have been contracted by Sembcorp Industries to construct an energy from waste (EfW) plant in Singapore. The order includes two refuse handling cranes, two ash handling cranes, seven CXT cranes, six CXT monorails and twelve manual chain blocks which will be delivered in June 2015 to the plant currently under construction and targeted for completion in 2016.

Sembcorp Industries is an energy, water and marine group operating across six continents and the new EfW plant in Singapore’s Jurong Island petrochemical hub will produce 140 tons per hour of energy in the




form of process steam, using approximately 1,000 tons of industrial and commercial waste per day. This is roughly 14% of the total tonnage of waste bound for incineration in Singapore each day.

Ramirent And Zeppelin Rental JV

Vantaa, Finland based Ramirent and Caterpillar dealer Zeppelin Rental announced the finalization of the formation of their joint venture Fehmarnbelt Solution Services A/S that was announced 17 July 2014. The two organizations will combine their resources and expertise to serve the cross-border Fehmarnbelt tunnel construction project due to start summer 2015.

The Fehmarnbelt tunnel construction project, with a construction volume of €6.2 billion ($6.9 billion), is estimated to start in summer 2015 and to be completed in 2021. Typically the potential equipment rental volume shared among the rental companies servicing the project amounts to 1-3% of the total construction volume. Fehmarnbelt will be financed by state-guaranteed loans, which are expected to be paid by the road and train tolls and Denmark will be solely responsible for guaranteeing funding of the project.

Fehmarnbelt Solution Services will offer a 24/7 service on site with rental depots on the Danish and German sides. The range of services offered comprise modular space, equipment rental services, maintenance and repair, logistic and safety management and consulting, temporary infrastructure, energy and climate solutions, facility management services, access control, waste management as well as training.

Fehmarn Belt Fixed Link is an immersed tunnel that when completed will connect the German island of Fehmarn by 2021 with the Danish island of Lolland. The tunnel will cross over the Fehmarn Belt in the Baltic Sea for 18 km (11 mi), providing a direct link by railroad and highway between northern Germany and Lolland and to the Danish island of Zealand and Copenhagen.

Liebherr Magement Changes

Liebherr announced recently it has promoted Georg Diesch as managing director at Liebherr Hydraulikbagger GmbH in Kirchdorf, Germany. The Kirchdorf, Germany facility manufactures Liebherr mobile excavators and material-handling equipment. For the past 11 years, Mr. Diesch was managing Liebherr Cranes Inc. (LCI), and was located in Newport News, Virginia in the U.S.

Beginning in 2015 Liebherr also reported it appointed Daniel Pitzer as president of LCI. Mr. Pitzer will lead the U.S. business for all types of Liebherr all-terrain and larger crawler cranes. For the last 9 years, Mr. Pitzer managed sales at the mobile crane factory in Ehingen, Germany.




Terex OEM Agreement To Build Site Dumpers For JCB

JCB announced that Terex in Coventry, U.K. will be building certain site dumpers for JCB to sell under its own branding as part of a £4.5 million engine supply deal. The JCB site dumper line-up will be based around four higher volume weight classes between one ton and 10 tons. Terex uses 55kW (74hp) JCB Ecomax diesel engines in its six-ton dumper models, making them EU Stage IIIB compliant, and JCB transmissions and transfer boxes in its six-, nine- and 10-tonne machines.

The compact one-ton and two-ton machines that JCB is now offering have been designed primarily for home building and landscaping contractors, while 3/3.5-ton models will suit general construction and rental businesses. At the heavier end, both six-ton and 9/10-tonne dumpers provide carrying capacity for larger earthmoving projects.

High tip, forward tip and swivel skip models will be offered. Engine outputs range from 15.5kW to 90kW (20-120hp) and both synchro-shuttle and hydrostatic transmissions are available.

The JCB site dumper range is available from JCB dealers in the U.K. in February 2015 and will be rolled out to overseas dealers at a later date.

Konecranes To Deliver 16 Rtgs

Konecranes announced it has received an order for Rubber Tired Gantry (RTG) cranes from APM Terminals. Twelve RTGs will be delivered to APM Terminals Algeciras in Spain. Four RTGs will be delivered to APM Terminals Apapa in Lagos, Nigeria. The Konecranes RTG cranes on order for APM Terminals Algeciras are 6-wheel RTGs with a lifting capacity of 41 tons, a stacking height of 1-over-5, and a stacking width of 6 plus truck lane wide. The cranes are scheduled to be delivered at the end of 2015 and the beginning of 2016. The order was booked in the fourth quarter of 2014 and the value of the transaction was not disclosed. Roller Alliance For Wacker Neuson And Wirtgen

Wacker Neuson SE and the Wirtgen Group announced that the companies have entered a strategic alliance for soil and asphalt compaction rollers. Starting in February 2015, Wacker Neuson will source rollers from the Hamm factory in Tirschenreuth, Germany, and distribute the Wacker Neuson branded machines via its own sales network, focusing initially on markets in Germany, Austria and Switzerland. A spokesperson for Wacker Neuson said that the alliance with Hamm will enable the company to round off




its offering in the soil and asphalt compaction segment with tandem rollers weighing from 1.8 to 4.5 tons, plus compactors weighing up to 7 tons. The global partnership began February 1, 2015.

Hamm AG is a member of the Wirtgen Group and has been producing rollers for over 100 years. The company’s portfolio includes compactors, tandem rollers and static rollers. Its factory in Tirschenreuth will be producing models to the technical and design specifications of Wacker Neuson.






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