Maxon UK calls it quits after no acquisitions
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DESPITE looking for acquisitions in the UK, the US parent firm of tail-lift supplier Maxon UK has decided to pull out of the market by the end of the year.
California-based Maxon Lift Corp entered the market 10 years ago seeking partners and potential acquisitions, and went into partnership with Ray Smith Group (RSG) in 2005— but the agreement ended in 2007 when RSG went into receivership. Anton Griessner, vice-president of business development, said that to salvage Maxon's business investment, the firm proceeded with a pilot development project while looking for acquisitions.
"Unfortunately, we are out of options [for an acquisition] and made the difficult decision to discontinue marketing our products in the UK," he added.
The decision affects three Maxon UK employees and an agency worker. Griessner said the firm will continue to support customers with a £350,000 parts portfolio, and has contracted Humberside Tail Lifts and Nationwide Transport Breakdown Services for aftermarket coverage.