29 April 2008
Canada: Skid steer loader and mini excavator manufacturer Thomas Equipment Inc is preparing its manufacturing subsidiary for bankruptcy proceedings.
The company has laid off 141 employees and engaged a consultant to investigate potential investors, buyers or merger candidates.
Thomas said on 17 August that its wholly owned subsidiary, Thomas Equipment 2004, which manufactures the company's skid steer loaders, mini excavators and agricultural machinery at a plant in New Brunswick, Canada, would start court-supervised restructuring and file for bankruptcy. The subsidiary's parent company and other sister firms are not part of the bankruptcy filing.
In addition to selling its products under its own name, Thomas supplies skid steer loaders to Hyundai. It said in July that it expected to supply Hyundai with 1000 units worth US$ 30 million in 2007.