Equipment World Digital Magazine
Issue link: http://read.dmtmag.com/i/846046
July 2017 | EquipmentWorld.com 16 reporter | continued R itchie Bros.' purchase of Iron- Planet, announced last August, has been finalized after U.S. Department of Justice Antitrust Division approval. The estimated $758.5 million purchase sets the stage for potential combined annual online sales of $3 billion. A new organi- zation structure is expected to be announced soon. Ritchie Bros. CEO Ravi Saligram will lead the combined companies. Saligram says the purchase is part of Ritchie Bros.' effort over the last three years to diversify to remain "relevant and strong" in the fast-paced equipment auction space. "This is our journey from being a brick-and-mortar live auctions company to really being a multi-channel technology com- pany," Saligram explains. And while the move is clearly an acquisition, he says, it's being treated as a merger. "Not all the senior level posi- tions will be at Ritchie Bros.," he says. "There will be some senior posi- tions occupied by IronPlanet people, some by Ritchie Bros. people, and it will be unique." The purchase also makes Ritchie Bros. Caterpil- lar's preferred global partner for live onsite and online auctions of used equipment through a long- term strategic alliance with the manufacturer. T he number of workers em- ployed by highway, street and bridge contractors grew 2.8 per- cent in April compared to the same month in 2016, representing a net increase of roughly 8,700 workers, ac- cording to the American Road & Transportation Builders Associa- tion (ARTBA). Total number of workers employed in this seg- ment reached 342,100, the highest mark for April since 2007. ARTBA points out, however, that this figure is down 1.8 percent compared to "2007 pre-recession levels." In 2012, the April employment figure was just 279,900. ARTBA also reports the average hourly wage of produc- tion workers in highway, street and bridge construction for April was $26.76, a slight increase from the $26.52 recorded last year. That's about 1.9 percent more than the overall construction industry's aver- age hourly wage. Briefs For more on each of these stories go to equipmentworld.com. Kobelco Construction Machin- ery USA has named David Donneral as specialized machinery sales man- ager with responsibility over, among other things, dealer recruitment and dealer training on specialized machinery for demolition, scrap and forestry markets. Dynapac North America has named Fabian Salinas vice president of sales for North America, and Jamie Roush vice president of aftermar- ket and product support for North America. Atlas Copco has announced its intent to divest the Dynapac group, an announcement followed shortly after by news that Fayat would purchase it. General Motors is calling a diesel emissions lawsuit against the company "baseless" and says it will "vigorously defend" itself against ac- cusations it rigged emissions control systems on Duramax diesel engines. The suit alleges that Duramax diesel engines in the 2011-2016 Chevrolet Silverado and GMC Sierra pickups were built in a way that cheats emis- sions standards. Deere & Company's net income grew 62 percent in the second quarter of its fiscal year 2017, which ended April 30. Net income rose to $820.4 million compared to the $495.4 million in the same period last year. Wacker Neuson is reporting record first quarter revenues with strong sales growth in the company's Europe and Americas markets, with gains in both the construction and agricultural sectors. First quarter rev- enues climbed to $378.5 million, up 7 percent from 2016. Profit, however, fell 18 percent. Titan Machinery reported a 7.3 percent drop in revenue for the first quarter of its fiscal year ended April 30. The report comes amid a restruc- turing effort the company announced earlier this year that includes the closing and consolidation of multiple dealerships to cut expenses. Ritchie Bros. cleared by DOJ to buy IronPlanet Road workers see boost in job opportunities