The assets being offered represent approximately 6% of the firm’s crawler crane fleet. Over 80% of the crawler cranes listed for sale are traditional cranes whose utilisation and return on capital have been unsatisfactory.
The rental firm said that as with prior sales the company would use the proceeds from the sale of excess equipment to repay debt and to improve its fleet.
Ron Schad, president and CEO of Essex said: "Essex Rental Corp. is continually evaluating the rental assets we own to ensure that they meet the needs of our customers and provide the highest possible return for our shareholders. In an effort to accelerate the sale of currently underutilised cranes, we have engaged Hunyady Auction Company to manage the sale of certain of our crawler cranes in a sealed bid auction".
