Shamrock bought out by Invicta
The buyout of forklift supplier and services firm Shamrock comes as South Africa’s manufacturing growth beats forecasts
Invicta Holdings, a capital equipment, engineering solutions and building supplies group, has bought 100% of forklift supplier and services firm Shamrock for an undisclosed sum.
The buyout was conducted through Invicta subsidiary Humulani Marketing. Shamrock operates in the material handling industry in Gauteng, supplying niche markets with the Moffett, Combilift, Agrimac, Innolift and Multi Sweep brands.
"The acquisition … further entrenches [Invicta’s] position as one of the leading firms in the material handling industry," the group said on Thursday. The acquisition was below JSE thresholds for announcement, but Invicta wanted to inform stakeholders of the transaction.
The deal comes as SA’s manufacturing output grew 1.7% in November 2017 from the same month in 2016, beating economists’ consensus of 0.45%, according to Statistics SA on Thursday. Basic iron and steel, nonferrous metal products, metal products and machinery grew 4.6% and contributed 0.8 of a percentage point to overall growth in the sector.
Seasonally adjusted manufacturing production rose by 0.9% in November 2017 from October 2017. Production rose by 0.5% in the three months to end-November 2017 from the previous three months.
Investec economist Kamilla Kaplan said last week that manufacturing was expected to be supported by a strengthening global economy.