Iowa Mold Tooling Co. Inc. Acquires Stedt Hydraulic Crane Corporation

Thu January 10, 2002 - National Edition

Iowa Mold Tooling Co. Inc. (IMT) has announced that it has purchased the assets of Stedt Hydraulic Crane Corporation (Stetco) of Westborough, MA.

Stetco is a 50-year-old firm that has developed a line of catch basin cleaning products marketed under the "Stetco" registered trade name. By the 1970s, the Stetco brand was sold successfully throughout the northeastern United States. At that time, the company also began building its distribution business to include a full line of complementary hydraulic truck equipment.

"The Stetco product line is well-regarded and ruggedly built. It brings a quality, niche product into the IMT organization," said Richard Long, IMT president and CEO. "The Stetco acquisition will mean greater market exposure for the Stetco product line through IMT’s extensive distribution network."

Stetco products will continue to be manufactured under the Stetco brand, and the company’s management will remain in place with David Stedt as general manager.

"We are delighted to be associated with IMT. Its exceptional distribution network will bolster the strong organization that is already in place," said Richard Stedt, president of Stedt Hydraulic Crane Corporation. "In addition, this arrangement with IMT will enable us to offer a greater level of service to our regional customer base."

IMT began in 1961 as a business providing innovative tread designs for retreaded tires. The company has grown to become a manufacturer and supplier of service vehicles, cranes, hydraulic loaders and air compressors for the tire, mining, construction, material handling, equipment dealer, railroad and utility markets around the world.

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