SEGUIN, Texas, Aug. 8, 2017 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced that effective today it has acquired R.P.M. Tech Inc. ("R.P.M."), a manufacturer of heavy duty snow removal equipment, mainly mechanical snow blowers and associated parts. The primary end-users of R.P.M. products are governmental agencies, related contractors, airports and other industrial users. R.P.M. is located in Drummondville, Quebec, Canada, and had sales of approximately C$25.0 million in their last fiscal year ending May 31, 2017. The purchase price for all of the outstanding shares of stock was approximately C$16.7 million, subject to adjustment in accordance with terms of the Share Purchase Agreement.
R.P.M. will become part of Alamo's Industrial Division and will work closely with the Company's nearby Tenco operations located in St. Valerian, Quebec.
Ron Robinson, Alamo Group's President and Chief Executive Officer commented, "R.P.M. is a company we have known and worked with for many years and we feel they will be an excellent addition to Alamo. Their range of snow throwers will be a nice complement to our existing range of snow removal products."
R.P.M. was owned by Fiducie Familiale Piamvic, Fiducie Familiale Pouanneli and Gestion Iamvic Inc. and led by Pierre Bernard. Pierre commented, "We are pleased to be joining our company with Alamo as we feel they will continue on the same path of building high quality equipment and they can provide the resources to take R.P.M. to the next level."
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for infrastructure maintenance, agriculture and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements and related after-market parts and services. The Company, founded in 1969, has approximately 3,225 employees and operates 25 plants in North America, Europe, Australia and Brazil as of June 30, 2017. The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company's European operations are located in Salford Priors, England.
Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: market demand, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.
SOURCE Alamo Group Inc.