SEGUIN,
Texas, Oct. 10, 2023 /PRNewswire/ -- Alamo Group
Inc. (NYSE: ALG) announced that it has acquired 100% of the
outstanding equity capital of Royal Truck & Equipment, Inc.
("Royal Truck"), a leading manufacturer of truck mounted highway
attenuator trucks and other specialty trucks and equipment for the
highway infrastructure and traffic control market. Royal
Truck's annual revenue was approximately $40
million in 2022 and the company had trailing twelve-month
revenue of approximately $44 million
as of the end of August, 2023.
Founded by Mr. Rob Roy in 1986,
Royal Truck prides itself on developing innovative products
designed to improve road work zone safety. The company is based in
Shoemakersville, Pennsylvania and
has approximately 50 employees. Royal Truck's products include
truck mounted highway crash attenuator trucks, cone safety and
traffic control trucks, and a broad range of other equipment
focused on highway safety. Mr. Roy currently serves as the
President of Royal Truck and he will continue in this role for an
agreed transition period following the closing. The company will
become a part of Alamo's
Industrial Equipment Division led by Michael Haberman.
Rob Roy, said, "I am immensely
proud of the quality business my team and I have built over the
past 37 years. I am looking forward to Royal Truck becoming
stronger and continuing its mission of product innovation, customer
service and road and highway safety with Alamo Group."
Jeff Leonard, Alamo Group's
President and Chief Executive Officer commented, "We are very
pleased to have completed this acquisition and to have Royal Truck
join the Alamo Group family of companies. This acquisition
aligns very closely with our long-term strategy of acquiring
business operations in adjacent markets. Royal Truck represents our
entry into the highway safety equipment market, a new platform
where we see compelling future opportunities. We are excited
about the potential to accelerate Royal Truck's growth in an
expanding market that should benefit from higher government
infrastructure spending."
About Alamo Group
Alamo Group is a leader in the
design, manufacture, distribution and service of high quality
equipment for vegetation management, infrastructure maintenance 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 4,350 employees and operates 27
plants in North America,
Europe, Australia and Brazil as of June
30, 2023. 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: adverse economic
conditions which could lead to a reduction in overall market
demand, supply chain disruptions, labor constraints, unanticipated
acquisition results, increasing costs due to inflation, new or
unanticipated effects of the COVID-19 pandemic, geopolitical risks,
including effects of the war in Ukraine, 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.
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SOURCE Alamo Group Inc.