Verticon sets up sale of Crane and Hoist Division for $12M

Verticon said today the proceeds of the sale would be used to partially pay off a $41 million debt with Westpac bank, reducing the amount owed to $29 million.The sale includes all of Verticon’s tower cranes, hoists, ancillary equipment, hire agreements and employees, other than those engaged solely in the Property Development Division. Verticon managing director Andrew Torrington said the sale had been negotiated to include all the employees in the division.“Verticon now looks forward to focusing and growing its Property Development Division and providing value to its shareholders going forward,” Torrington said.D&G Hoists and Cranes managing director Gino DeCesare said he would continue to rebuild and expand the Verticon business model and work with its existing employees and customers to build a nationally focused crane and hoist business. The sale of the Verticon Crane and Hoist Division is subject to shareholder approval at a meeting on Thursday May 28, 2009.

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