The Verticon Group (VGP) today announced that it had entered into an agreement to sell its Australian Crane and Hoist Division for $12M to D&G Hoists and Cranes (Aus) Pty Ltd. Included in the sale were all of Verticon’s tower cranes, hoists, ancillary equipment, hire agreements and employees, other than those engaged solely in the Property Development Division. The proceeds of the sale will be used to partially retire underlying Westpac debt, reducing it from approximately $41m to $29m.
The Managing Director of Verticon, Mr. Andrew Torrington, said that the Board believes that the sale is in the best interest of shareholders. The sale of the Crane and Hoist Division is subject to shareholder approval at a meeting on Thursday 28 May 2009. The Managing Director of D&G Hoists and Cranes (Aus) Pty Ltd based in Perth, Western Australia, Mr. Gino DeCesare, said that he looked forward in continuing to rebuild and expand the Verticon business model and work towards building a Nationally focused tower crane, hoist and mobile crane business.
