Putzmeister America, Inc., Acquires Allentown Equipment
Putzmeister America, Inc., Acquires Allentown EquipmentPutzmeister adds Allentown products to their equipment line to provide customers the most comprehensive range of wet and dry process shotcrete products worldwide
STURTEVANT, WIS (July 3, 2007) – Effective July 2, 2007, Putzmeister America, Inc., officially acquired Allentown Equipment of Pennsylvania, making it a wholly-owned subsidiary within the global Putzmeister Group. With over 95 years in business, Allentown is the industry leader in the design and manufacture of wet and dry process shotcrete equipment for underground, refractory, repair and new construction industries. To reflect the new affiliation, the company name was changed to Allentown Shotcrete Technology, Inc., a subsidiary of Putzmeister America, Inc.
As a result of the acquisition, the two global organizations will bring together over 50 complementary products to provide the most comprehensive range of sprayed concrete equipment for large and small applications. From their Allentown, Pennsylvania location, Allentown Shotcrete Technology will continue production of their reputable range of pressure tank guns, rotor guns, rotary bowl guns, wet process pumps and high pressure pumps. Plus, due to their shotcreting expertise, Allentown will become the focal point in handling major North American underground construction projects for the worldwide Putzmeister organization.
Dave Adams, president and CEO of Putzmeister America, Inc., will now also assume the role as CEO of Allentown Shotcrete Technology, Inc. Patrick Bridger, recently promoted as president of Allentown, will continue in this key position, and report to Adams.
“The acquisition greatly expands our product line to offer customers the widest range of trailer-mounted gunite and shotcrete models produced in America, to the highly extensive line of track- and truck-mounted robotic equipment from the Putzmeister Underground Construction division in Germany,” said Adams. “Allentown also brings a quality reputation, leading market position and knowledgeable personnel to the Putzmeister team.”
“In addition, we anticipate mutually beneficial growth opportunities,” noted Adams. “Allentown will fully utilize Putzmeister’s worldwide technical, sales and marketing resources to promote the company’s shotcrete products on a more global basis. Concurrently, Putzmeister will benefit from Allentown’s dominance in the underground and refractory markets to increase the level of Putzmeister product exposure in these specialized fields.”
“We’re excited about joining the Putzmeister Group. Although our business operations will remain virtually unchanged in Allentown, we’re anxious to begin our added role as the U.S. outlet for overseeing highly technical shotcreting projects in North America, and distributing applicable worldwide Putzmeister products here,” said Bridger. “This will result in the customer receiving the best equipment choice for their specific job needs — from tunneling and mining to refractory and repair work.”
“We clearly saw the strategy of the acquisition and felt it was a sound investment,” said Vicki Fox, managing director of Emory & Co. in Milwaukee, Wisconsin – the investment banking firm advising Putzmeister during negotiations. Terms of the transaction were not disclosed.
Signing the contract
A ceremonial event was held at the Racine Marriott in Wisconsin, whereby the contract was signed among 20 people in attendance. To welcome Allentown personnel to the Putzmeister team, Dave Adams presented gold Putzmeister pins to Patrick Bridger, Allentown president and George Yoggy, 40-year shotcrete industry veteran of Allentown.
A symbolic celebratory champagne toast recognized the successful completion of the acquisition and those instrumental in its process. In particular, this included Adams, Bridger and Yoggy along with Felix Selinger of Putzmeister AG and Vicki Fox of Emory & Co.
As a gesture of the newly formed business relationship, George Yoggy also presented the book “From Elephants to Swimming Pools”, which describes the history of shotcreting within the U.S. The book specifically credits the 96-year-old Allentown organization as an integral part of the market’s successful development, noting their invention of the “cement gun” and the importance of their registered trademark, “Gunite”. The book’s author had signed a personal message in copies for Dave Adams and Putzmeister owner, Karl Schlecht.
The momentous occasion concluded with the special unveiling of the new Allentown logo, which will be incorporated in all future promotions.
For more acquisition or product information, contact each respective company as follows:
• Putzmeister America, Inc. – (262) 886-3200 or (800) 884-7210;
• Allentown Shotcrete Technology, Inc. – (610) 398-0451, (800) 553-3414 or www.allentownequipment.com.