Alamo Group (NYSE: ALG) said on Friday that it would sell its Herschel Parts business to F.P. Bourgalt Tillage Tools Ltd.
Alamo Group originally acquired Iowa-based Herschel Parts in 1995.
“We are pleased to announce the successful sale of our small operation in Indianola, Iowa. This decision reflects our commitment to driving continuous improvement and profitable growth for Alamo Group. Herschel is a quality manufacturing operation and we appreciate their contribution to Alamo Group over the years. We wish Herschel and its employees continued success in the future and we are confident the business will thrive under the management of F.P. Bourgalt Tillage Tools Ltd,” Jeffery A. Leonard, Chief Executive Officer and President, said in a press release.
Stock Performance
The shares of Alamo Group Inc (ALG) closed 1.79% ($3.12) higher at $177.67 in New York on Friday, as they extended the gain from the previous market session.
The company’s total market cap now stands at $2.143 billion.
The shares of Alamo Group Inc (ALG) went up 48.44% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 15.47% so far this year.
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