21.02.2007

Tat/Tutt buys Australian Crane and Access company

Singapore based Tat Hong Holdings has acquired Muswellbrook Cranes Services of Muswellbrook in the Hunter Valley, New South Wales, through its Australian subsidiary the Tutt Bryant Group.

Tutt paid the Hallett family A$17.8 million (£7.1/$14 million) in cash and assumes of A$2.9 million (£1.2/2.3 million) in finance liabilities.

The acquisition will be funded by a proposed Renounceable Rights Issue by Tutt Bryant fully underwritten by ABN AMRO Morgans Corporate.

Muswellbrook crane was founded in 1958 by Trex Hallett who died in 2000. The company operates from two locations and has around 100 vehicles. Including a fleet of nine mobile cranes, the largest of which is a 160 tonne Liebherr LTM1160/2, a fleet of six Tadano truck mounted boom lifts and a number of Haulotte HA18PX boom lifts and H12SDX scissor lifts.

The company also operates a fleet of transport rigs.