24.07.2007

Tanfield shareholders approve Snorkel deal

The Tanfield group obtained shareholder approval yesterday for the issuance of 77,324,148 new shares along with the take over of Snorkel.

The Snorkel deal will be completed and the new shares issued onto the market as soon as clearances from the United States antitrust enforcement agencies.

This is expected by Thursday July 26th. Tanfield also released its first half trading statement that confirmed that all the business is meeting and exceeding all of its targets and forecasts.

Darren Kell, CEO of the Tanfield group said:
“The acquisition of Snorkel International will significantly accelerate
Tanfield's development as a global leader in aerial work platform manufacture, by broadening the product offering, offering bi-directional cross-selling opportunities, and bringing significant manufacturing capabilities in both the USA and Asia-Pacific region, allied to global distribution capability.”

“Our present production capacity continues to increase on schedule, with controlled expansion in line with the order book growth. We have developed and nurtured excellent relationships with our supply chain and do not anticipate any supply constraint issues as we increase machine and vehicle output.”

The company says that its UK plant has now reached production volumes of 150 units a week.