The Raymond Corp. has acquired The Werres Corp., a Raymond lift truck reseller and a material handling vendor of forklift equipment, utility vehicles, engineered solutions, and service support.
Although the deal closed on August 1, the companies had not yet announced the acquisition publically.
As a condition of the deal, Keith Burlingame has been appointed president of Frederick, Md.-based Werres, following the retirement of longtime company head Paul Souza. Burlingame was previously director of procurement at Greene, N.Y.-based Raymond.
Werres also announced that it would use funds from the restructuring to spend $2 million on a plan to increase its rental fleet in response to extensive consumer growth in the Maryland and Virginia marketplace.
With expected delivery for these rental fleet additions in late November and early December, Werres has predicted strong financial results for the fourth quarter of 2016.
Werres has been providing material handling storage equipment and customized engineering systems to clients throughout Maryland, Virginia, West Virginia, Washington D.C., and the federal government worldwide since 1935, the company said.