Stewart & Stevenson acquires Automotive Technik
Apr 8, 2005 2:22 PM
Stewart & Stevenson said today that it has acquired Britain-based Automotive Technik Holdings Ltd. for about $47.2 million in cash.
With the deal, Stewart & Stevenson adds the Pinzgauer, a popular light-utility vehicle, to its line of medium tactical vehicles, which include more than 15 variations of 2.5- and 5-ton trucks. The Pinzgauer and its variants have been built in the United Kingdom since 2000.
More than 30,000 Pinzgauers are in service worldwide, but an $82-million contract with New Zealand's Ministry of Defense recently was put on hold while Automotive Technik resolves a problem with overheating gearboxes in the new six-wheel-drive version, according to the Associated Press.
There is no estimated date for when those 321 Pinzgauers - some of which will head to Afghanistan - will be back on the road.
Automotive Technik also has an engineering division and fabricates specialized equipment and vehicle bodies.
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