Cantwell Machinery Company and Volvo Construction Equipment North America Inc. have reached an agreement in principle that Cantwell will sell its dealership with the support of Volvo.
Cantwell is Volvo’s exclusive dealer in Ohio, and also represents other manufacturers as well.
“We are proud to represent Volvo Construction Equipment, and other fine equipment manufacturers such as Astec Mobile Screens, Furukawa Rock Drills, Terex Trashmaster, and Euclid-Hitachi in the Ohio market,” Mark Cantwell, president of Cantwell, said. “We support a very significant population of machines in Ohio, owned by a broad customer base comprised of businesses in the construction, industrial, waste, mining, forestry and agricultural segments. Our growth and success over the years is attributable to the many dedicated employees here at the company who are a tremendous resource to our customers.”
Cantwell and Volvo have been involved in discussions regarding Cantwell’s possible sale of the dealership, Cantwell is willing to pursue a sale of its dealership business for fair value and Volvo has agreed to support Cantwell in its effort to sell its dealership business. Cantwell will begin efforts to identify possible purchasers of the business, working with Volvo as appropriate in those efforts. Volvo has agreed to support Cantwell’s efforts, including the smooth transition of the dealership’s employees and customers as part of the proposed sale.
Cantwell Machinery Company is family owned and is based in Columbus, Ohio, with five additional locations throughout the state. The company currently employs 68 people full time, and provides construction and mining equipment products, along with parts and service to support those products. Founded in 1946, the company has successfully provided products and services to the Ohio marketplace for more than 62 years. The company has represented Volvo Construction Equipment and its predecessors since 1968.
“Over the past year differences have arisen in our relationship with Volvo and we have endeavored to resolve these differences,” Cantwell said. “I am pleased that we have reached this agreement with Volvo. It is the most desirable solution to our differences and should produce the most favorable outcome for our owners, our valued employees, and the Volvo business in the Ohio marketplace.”
“This will be a significant opportunity for a buyer to acquire an established dealership in Ohio at the beginning of what we expect will be an improving business cycle in 2009,” Goran Lindgren, president and CEO of Volvo Construction Equipment North America Inc. “Volvo is committed to growing its North American business, and Ohio, our 13th largest market in the United States, is an essential part of that growth. The state is well-positioned for continuing growth due to its broad industrial and agricultural economic base, location and established intermodal facilities. Ohio will continue to be a leader in the transportation and logistics industries. We look forward to supporting Cantwell in its sale process and in a smooth transition of its employees and operations to the buyer.”