While everyone has their sights on ConExpo in March, it might be easy to overlook what a busy year 2016 turned out to be. Here’s an quick overview, plus a timeline, of what happened in the construction equipment industry last year. Bonus: check out our editors’ quick predictions for 2017 on page 30. (Note: In order to meet our print date, we had to cut off entries in mid-December, so this report won’t include events after that point.)
Two biggest auction players become one
Ritchie Bros. bought the online heavy equipment auction company Iron Planet for $758.5 million, and combined, the two companies are expected to generate online sales of $3 billion in assets annually. Ritchie Bros. also formed an alliance with Caterpillar, becoming Caterpillar’s preferred global partner for live onsite and online auctions once the IronPlanet acquisition becomes final.
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