French material handling and access equipment manufacturer, Manitou, has agreed to buy Gehl, A us-based builder of telescopic handlers and skid steer loaders for US$ 331 million. Gehl had revenues of US$ 458 million last year and operating profits of US$ 37.3 million. Manitou's relationship with Gehl dates from July 2004 when agreements were signed for cross selling of telehandlers in the US and granting Gehl a license to manufacture Manitou telehandlers in the US. Manitou took a 14.9% stake in Gehl t the time of this agreement. Marcel-Claude Braud, chief executive officer of Manitou said, "Since our distribution agreement and original 14.9% equity investment in the company in July 2004, we have built a strong working relationship with the management of Gehl of which we appreciate the high competence. "This transaction is the logical next step in our aim to strengthen our North American operations by joining forces with a player known for its superior products and distribution networks."
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