US crane dealer MD Moody & Sons has completed its restructuring, reducing debt by 26%, headcount by 50% and costs by more than $5m a year.
‘The return of profitability has not been easy for our employees, our customers or the vendors and I thank everyone for their support,’ said CEO Max Moody.
Moody was advised on its restructuring by Filco, the turnaround consultancy business of former Terex Cranes president Fil Filipov. Leon Deutsch, formerly Filipov’s senior vice president at Terex, also worked on the project, along with Jerry Loughren, a former executive at Terex’s American Crane operations. Filipov and Deutsch completed their work in January but Loughren is continuing to work with Moody.
The Florida-based company is a Terex crane dealer and also has a rental fleet of more than 200 units.
’There are plenty of opportunities for the company to further reduce cost, improve customer and vendor relations and increase sales,’ Max Moody told employees in a memo. ‘Cash management and cost control are our priorities. We will continue to evaluate all activity to make sure it is profitable and right size and fleet. The intensity must continue as aggressively as during the last months.’
In the restructured company, Lisa Moody Nicholas has been promoted to president, allowing Max Moody to focus on customers. She is the fourth generation of the family to head the company, which was founded in 1912.
