New era for Econ Engineering following sale to New York Stock Exchange listed Alamo Group
A manufacturer of winter maintenance and specialist highways vehicles has been bought by a major US-based industrial manufacturing company
Ripon-headquartered Econ Engineering has been acquired by Alamo Group for an undisclosed sum. Econ is responsible for supplying 85 per cent of the UK’s gritters and snow ploughs to local councils and private contractors.
A spokesman said: “Following the transaction, managing director Jonathan Lupton will remain with the business for an agreed period to ensure a smooth transition. The current board of directors, which includes Andrew Lupton’s son Thomas, remain in place. 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.
The spokesman for Econ added: “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 around 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 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 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.
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.”
Econ has its main manufacturing base in Ripon, with engineering hubs in Alloa, Scotland; Sowerby, Thirsk; Halesworth, Suffolk; and Cardiff, Wales.