MONROE - The acquisition of Towmaster Inc. by Monroe Truck Equipment Inc. added more than 100 employees to the local business Monday and the chance to expand what the company has to offer its customers.
Towmaster Inc., located in Litchfield, Minnesota, is a leading manufacturer of tag-along and fifth-wheel trailers. These are largely used in both rental and construction markets. According to a press release by the company, Monroe Truck Equipment will remain based in Monroe and the acquisition will add a seventh location to the company roster.
President of MTE Dave Quade said the company "is always interested in acquiring" facilities that will aid in expanding the business.
"We think they're a successful company," Quade said. "We have synergy in processing and purchasing."
Quade added that the new location provides the business with an additional avenue for resource-sharing and noted in the release that the addition of the company provides Monroe Truck Equipment with "a larger footprint in the upper Midwest." He said the trailer product line is "a nice extension" to current items offered by Monroe Truck Equipment.
Monroe Truck Equipment designs, creates, distributes and installs specialized truck equipment for vehicles of all types, including those owned by public individuals, municipalities and company fleets. The company has facilities in Marshfield and DePere; Flint, Michigan; Joliet, Illinois; Louisville, Kentucky; and now Litchfield.
Towmaster President Lennie Stulc said the merger was an exciting move.
"By entering into this relationship with Monroe we will have access to capital, engineering resources, manufacturing capabilities and an expanded operational perspective," Stulc said. "Our goals are to reduce lead times, increase product offerings for both divisions and maintain our high standards of quality and service."
Towmaster Inc., located in Litchfield, Minnesota, is a leading manufacturer of tag-along and fifth-wheel trailers. These are largely used in both rental and construction markets. According to a press release by the company, Monroe Truck Equipment will remain based in Monroe and the acquisition will add a seventh location to the company roster.
President of MTE Dave Quade said the company "is always interested in acquiring" facilities that will aid in expanding the business.
"We think they're a successful company," Quade said. "We have synergy in processing and purchasing."
Quade added that the new location provides the business with an additional avenue for resource-sharing and noted in the release that the addition of the company provides Monroe Truck Equipment with "a larger footprint in the upper Midwest." He said the trailer product line is "a nice extension" to current items offered by Monroe Truck Equipment.
Monroe Truck Equipment designs, creates, distributes and installs specialized truck equipment for vehicles of all types, including those owned by public individuals, municipalities and company fleets. The company has facilities in Marshfield and DePere; Flint, Michigan; Joliet, Illinois; Louisville, Kentucky; and now Litchfield.
Towmaster President Lennie Stulc said the merger was an exciting move.
"By entering into this relationship with Monroe we will have access to capital, engineering resources, manufacturing capabilities and an expanded operational perspective," Stulc said. "Our goals are to reduce lead times, increase product offerings for both divisions and maintain our high standards of quality and service."