Iowa Mold Tooling Co Inc (IMT) has signed an agreement to be acquired by Oshkosh Truck Corp through a merger.
The all-cash deal is valued at $131 million. The transaction is expected to be completed by Sept 30, 2006.
A portfolio company of American Capital Strategies Ltd, IMT manufactures field service vehicles including mechanics trucks, lubrication trucks, and tire service trucks. The company also produces truck-mounted telescopic cranes, articulating cranes, and wallboard loaders.
Oshkosh Truck produces specialty commercial, fire and emergency, and military trucks and truck bodies with brand names such as Pierce fire trucks, McNeilus concrete mixers, Jerr-Dan wreckers, and London concrete mixers. With sales of about $3 billion for its fiscal 2005, Oshkosh employs more than 8,000 people worldwide.
IMT is headquartered in Garner IA and employs about 375 people, and the company is expected to operate as a wholly owned subsidiary of Oshkosh Truck's commercial segment.