Verticon buys Daniel Smith division
21 December 2005Verticon, Australia’s largest hirer of tower cranes and hoists with operations in Victoria, New South Wales and Queensland has bought the crane and hoist rental division of New Zealand crawler, tower and mobile crane operator Daniel Smith Industries Ltd for NZ$41 million (23.5m Euros).
Daniel Smith has been employed by Verticon New Zealand Ltd as NZ general manager.
The construction and transport divisions of Daniel Smith Industries have been retained by Daniel and Annette Smith, and will continue to trade under new entities – Daniel Smith Contractors Ltd and Daniel Smith Transport Ltd. All staff will continue to be employed within the group of new companies.
Mark Kevin, managing director of Verticon, said: “The acquisition provides a significant diversification from the core Australian business, which is Australia’s largest hirer of tower cranes, into a business that will produce significant revenues and profits from industries such as energy, public infrastructure and resources… This acquisition gives Verticon the ability to offer a unique service to customers that operate throughout Australia, New Zealand and the Pacific Islands, as we are the only crane hire company that covers all these areas”.
