"The Memorandum of Understanding which Mr. Vittorio Carozza and I signed today, is of strategic importance for both of our companies," noted Bill Lasky, Chairman of the Board, President and Chief Executive Officer for JLG Industries, Inc. "With the European market for telehandlers estimated to be one billion Euros, the combined energies of JLG and SDFG are expected to produce significant growth opportunities."
"This arrangement would reinforce our Group's competitive position in the agricultural machinery market offering a new business opportunity to our dealer network," commented Mr. Vittorio Carozza, Chairman of the Board and President of SDFG.
The initial results from the cooperation should result in products being available in the market by the end of calendar 2004.
The SAME Deutz-Fahr Group is one of the leading tractor manufacturers in the world. The group produces and sells the brands SAME, Deutz-Fahr, Lamborghini, and Hurlimann from works in Treviglio (Italy), Lauingen (Germany), Lublin (Poland) and Ranipet (India). The tractor range covers a performance range from 25 to 265 hp, and also supplies crawler tractors as well as special tractors for vineyards and orchards. The Group employs approximately 2,500 workers with nine foreign subsidiaries, and about 100 importers covering all five continents with a sales and assistance network of 3,000 dealers.
JLG Industries, Inc. is the world's leading producer of access equipment (aerial work platforms and telehandlers) and highway-speed telescopic hydraulic excavators. The Company's diverse product portfolio encompasses leading brands such as JLG(R) aerial work platforms; JLG, SkyTrak(R), Lull(R) and Gradall(R) telehandlers; Gradall excavators; and an array of complementary accessories that increase the versatility and efficiency of these products for end users. JLG markets its products and services through a multi-channel approach that includes a highly trained sales force, marketing, the Internet, integrated supply programs and a network of distributors. In addition, JLG offers world-class after-sales service and support for its customers in the industrial, commercial, institutional and construction markets. JLG's manufacturing facilities are located in the United States and Belgium, with sales and service locations on six continents.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance, and involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: (i) general economic and market conditions, including political and economic uncertainty in areas of the world where we do business; (ii) varying and seasonal levels of demand for our products and services; (iii) limitations on customer access to credit for purchases; (iv) credit risks from our financing of customer purchases; (v) interest and foreign currency exchange rates; and (vi) costs of raw materials and energy, as well as other risks as detailed in the Company's SEC reports, including the report on Form 10-Q for the quarter ended January 31, 2004.
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For more information, visit www.jlg.com.