JLG Unveils Ambitious Plans
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Image 1: One of the new agricultural telehandlers to be introduced by JLG.
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June 9, 2004— JLG Industries unveiled very ambitious plans today to a group of analysts visiting the company's headquarters during a field trip. Presentations by top staff, including Chairman of the Board, President and CEO Bill Lasky, indicate a variety of initiatives that are intended to take JLG from $1.1 billion in annual sales to $2 billion. A large portion of this growth is to come from activities that are not related to the sale of new equipment. As much as $700 million, or 35% of revenues, will come from these other activities.
JLG's model shows a declining dependence on the large rental operators. Currently this group accounts for 64% of JLG's North American business, but projections show that number slipping in FY 2005 to 44%.Globally JLG intends to reduce its dependence to less than 30% from any single market segment.
This shift will be propelled by JLG's aggressive plans for Europe. With its increasing stronghold on the French market through its Delta Manlift acquisition and plans to offer an agricultural telehandler line, see Image 1, JLG intends to make a significant run at both Manitou's telehandler and Haulotte's aerial work platform business in that market.
The company will also be expanding its product line to include a long-rumored trailer-mounted aerial lift, see Image 2, and surprisingly, perhaps, light tower products. While the details are still sketchy, it seems JLG may be following Genie/Terex's lead and getting into another non-allied product line.
