Morbark acquired by Stellex Capital Management, appoints new CEO
An affiliate of Stellex Capital Management, a New York City-based private equity manager, has acquired recycling equipment manufacturer Morbark LLC, Winn, Michigan. The acquisition is focused on providing growth capital and resources to significantly expand the company in the future.
“Our acquisition of Morbark is a great fit for us,” says David Waxman, principal at Stellex “We believe the company is well positioned to grow in the coming years, and we are confident that the capital and resources we bring will fuel that growth.”
Lon Morey, former Morbark CEO and son of the founder, says, “We are confident that the Stellex group will be able to take Morbark to the next level of excellence and growth. We are excited for the company and its employees, and the future envisioned for them.”
Morbark also announced the related hire of Dan Ruskin as CEO. Ruskin has an extensive management background in lean manufacturing, corporate turnarounds and restructurings. He has broad experience in helping companies by growing revenue, improving systems and operations and institutionalizing practices to increase productivity.
Ruskin began his career as an industrial engineer in the aerospace and defense industry working on defense projects. A former entity principal and practice leader for Plante & Moran AFME (PMAFME) Management Consulting and Restructuring practice, Ruskin worked to expand its industrial and manufacturing operations capabilities. He founded and managed Anchor Resource Management and Anchor Holdings—professional service firms that provide company revitalization solutions and interim management services.
“I’m excited, honored and humbled to have the opportunity to lead Morbark as we enter a new era of innovation and productivity,” says Ruskin. “We will continue to fulfill our promise to our customers by capitalizing upon our strengths--innovative, robust and reliable products, a world-class dealer network and the relentless practice of continuous improvement.”
JCB produces its 200,000th Loadall telehandler
JCB, Savannah, Georgia, celebrated the production of its 200,000th Loadall telehandler in April. Launched in 1977 as the JCB 520, the first Loadall was a two-wheel drive machine with a 2-foot lift height and a maximum lift capacity of 2.48 tons, the company says.
Previously, contractors had lifted materials with rough terrain fork lifts, backhoe loaders and wheel loaders. Over the past 40 years, the JCB Loadall range was designed to incorporate machines with working heights of up to 65.6 feet (20 meters) and maximum lift capacities exceeding 6.61 tons.
With every update, JCB says it has moved the telescopic handler market forward, introducing four-wheel drive, placing the engine to the side of the chassis to allow a lower boom-mounting position and offering multi-mode steering with equal-sized wheels to improve maneuverability.
CDE invests $9.6 million in its materials washing business
Materials washing specialist CDE has announced that it will create 110 new jobs over the next six years as part of a $9.6 million investment into the business.
CDE designs and manufactures materials washing and classification equipment with applications in a variety of sectors: sand and aggregates, construction debris recycling, mining, specialist industrial sands and environmental. Its regional office network has a presence in Kolkata, India; Sao Paulo, Brazil; and Cary, North Carolina.
The jobs will be across a wide range of disciplines including engineering, business development, purchasing, finance, customer care, project management and project delivery.
CDE currently employs 201 people with 172 employees based at the company’s headquarters in Cookstown, Co. Tyrone, Northern Ireland.
Recycling industry manufacturers form 3TEK Global
Three market leading suppliers of scrap recycling equipment have announced the formation of a joint venture and launching a new company.
The new company, 3TEK Global, incorporates product engineering, manufacturing and product support from three industry leaders: Granutech-Saturn Systems, Peninsula Equipment and Riverside Engineering. The combined company headquarters are located in Grand Prairie, Texas.
Granutech-Saturn Systems, based in Grand Prairie, manufactures Saturn heavy-duty shredders and hammermills, MAC crushers and loggers, grinders and granulators, powderizers and refiner mills.
Peninsula Equipment, based in Columbia, South Carolina, is a sales, rental and service company serving the scrap, contracting, construction and aggregate processing industries of Florida, Georgia, and South Carolina.
Riverside Engineering, based in San Antonio, Texas, provides shredder designs, technology and engineering services for the metal recycling industry.
3TEK Global was created to bring the next line of mobile and stationary hammermill shredders and related downstream separation equipment to the small- to medium-sized yards processing less than 50 tons per hour.
The 3TEK Next 7400 mobile shredder hammermill system will incorporate a Cat 2,100 horsepower mobile “on track” diesel-power module design, with power pack options and other modular downstream equipment specifically designed to facilitate ferrous and nonferrous scrap processing close to the source, says the company.