Econ Engineering has announced it has been acquired by leading American industrial manufacturing company Alamo Group.
Headquartered in Ripon, North Yorkshire, Econ is the UK’s leading manufacturer of winter maintenance and specialist highways vehicles, supplying 85% of the nation’s gritters and snow ploughs to local councils and private contractors.
Following the transaction, Managing Director Jonathan Lupton will remain with the business for an agreed period to ensure a smooth transition. All employees and services for customers and suppliers are unaffected by the acquisition by New York Stock Exchange listed Alamo Group.
Alamo Group said the acquisition meets its strategic approach of disciplined investment in market-leading businesses serving essential infrastructure and maintenance applications.
A second generation family business founded by Bill Lupton in 1969, much of Econ’s recent success is down to brothers Andrew and Jonathan, who took on the reins from their father and built on the foundations he created.
Today employing around 250 staff, Econ manufactures equipment used in year-round road maintenance, including gritters, de-icing and snow-clearance vehicles, road patching and repair equipment and multi-purpose vehicle systems.
Econ also operates a rental fleet of approximately 1,300 vehicles and provides parts and service support to customers throughout the UK.
Jonathan Lupton said:
“Econ Engineering was established almost 60 years ago by my father Bill, alongside a visionary group, becoming a much celebrated Yorkshire manufacturer and technological innovator. We are incredibly proud of the successful journey the business has been on since those early days, providing meaningful employment for so many people both directly and through our supply chain, all while remaining deeply rooted in the local communities we operate in.
“Every incredible milestone we have reached, every state-of-the-art machine we have manufactured and every challenge we have overcome has been down to the grit, talent and loyalty of the people that are part of the Econ team.
“I truly mean it when I say they are the very best in the business and extend our family’s deepest gratitude to the generations of dedicated employees, trusted suppliers, and loyal partners who have helped build the business that Econ is today.”
“Selling a business that has been at the heart of our family’s life for more than half a century has been an incredibly difficult and emotional decision which has not been made lightly. Our absolute priority has been to find a new partner who not only respects our manufacturing heritage but is committed to investing in the future of our business, facilities and workforce to ensure we continue to lead the market.
“From our first meeting with Alamo Group, we were confident they shared our core values and with a strategy of long-term ownership are uniquely positioned to guide Econ into its next chapter of technological innovation and continued growth.”
Robert Hureau, Chief Executive Officer of Alamo Group, said:
“Econ is a strong addition to Alamo Group and supports our strategy to expand our Industrial Equipment portfolio.
“Its leading market position, differentiated products and strong service capabilities complement our existing businesses and broaden our presence in infrastructure maintenance.
“Econ also gives us a stronger platform in the UK and creates opportunities for disciplined growth over time, supported by Alamo Group’s operating experience and long-term ownership approach.”
(Picture: Econ Engineering)
