Maxon has announced that it will withdraw from the UK tail lift market by the end of 2013 because of a lack of acquisition targets.
Maxon said it would continue to support existing customers with a large spare parts inventory with a partner organisation in the UK, and stand behind warranty agreements and its established third party service network.
Anton Griessner, Vice President of Business Development at Maxon said, “We knew that entering the mature market in the UK would be difficult. Therefore ten years ago, we started looking for partners and acquisition targets in the UK.
“Consequently in 2005, we started a cooperation with the Ray Smith Group. This project however abruptly ended with the unexpected receivership of RSG in December of 2007.
“In order to salvage our business investment, we decided to proceed with a pilot business development project and continued to look for acquisition opportunities for further development.
“Unfortunately at this point in time, we are out of options for an acquisition and have made the difficult decision to discontinue marketing our products in the UK.”
Maxon said its concerns were now for the welfare of employees and existing customers.
The company said it hoped its team would find new employment opportunities.
“This is a sad time for everybody involved in the UK project. Everybody has worked very hard and performed exceptionally well. Thank you in advance for everyone’s support,” said Griessner.