SEGUIN, Texas, Oct. 26, 2021 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today announced that it has acquired 100% of the outstanding capital shares of Timberwolf Limited ("Timberwolf") in the U.K. Timberwolf's 2021 fiscal year sales were approximately £15 million (US$ 21 million).
Timberwolf manufactures a broad range of commercial wood chippers primarily serving markets in the U.K. and the European Union. The company was founded in 1986 and has delivered nearly 16,000 chippers in the U.K. and Europe through its comprehensive dealer network. The company has approximately 80 employees and operates from a 3,300 square meter facility in Suffolk, United Kingdom.
Jeff Leonard, Alamo Group's President and Chief Executive Officer commented, "We are delighted to have completed our acquisition of Timberwolf. The company offers a full range of gravity fed, towed, track mounted and PTO-driven chippers for arboriculture, horticulture, private estates and infrastructure management. Timberwolf builds upon, and complements our existing range of tree care products and strengthens our presence in the U.K. and European forestry and tree care markets. We are pleased that Timberwolf's management team will remain with the company and we look forward to working closely with them to drive the company's future 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, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,070 employees and operates 27 plants in North America, Europe, Australia and Brazil as of June 30, 2021. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.
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: overall market demand, continuing impacts from the COVID-19 pandemic including ongoing and new supply chain disruptions, negative impacts stemming from changes in executive leadership positions, further reductions in customer demand, sales and profitability declines, operational disruptions, full or partial facility closures, and other similar impacts, 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.
View original content:https://www.prnewswire.com/news-releases/alamo-group-announces-acquisition-of-uk-based-timberwolf-limited-301409109.html
SOURCE Alamo Group Inc.
