SEGUIN, Texas, Feb. 21, 2019 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced that it has entered into an agreement to acquire 100% of the outstanding capital shares of Dutch Power Company B.V. ("Dutch Power"), a privately held equipment manufacturer based in the Netherlands. Dutch Power designs, manufactures and sells a variety of landscape and vegetation management machines and attachments under several different brand names including Herder, Conver, Roberine, Votex and Precision Makers. The company's annual sales in 2018 were approximately US $45 million and the purchase is expected to close in the first quarter of 2019.
Dutch Power is majority owned by a private equity group based in the Netherlands, and by Mr. Peter Mouthaan, the company's managing director. Mr. Mouthaan will continue managing the company upon completion of the transaction. Alamo Group was initially introduced to Dutch Power through Rabobank, who is a member of Alamo's banking facility and acted as an advisor to the company.
Ron Robinson, Alamo Group's President and Chief Executive Officer commented, "We are very pleased to have Dutch Power join the Alamo Group. This is a mature, well-managed company with excellent products that complement Alamo's existing lines of equipment. This acquisition enhances our platform for growth by increasing both our product portfolio and our capabilities in the European market." Mr. Mouthaan added "The Dutch Power brands will benefit from the extensive Alamo Group network and this combination offers opportunities for accelerated growth."
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 3,440 employees and operates 26 plants in North America, Europe, Australia and Brazil as of September 30, 2018. 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.