The Company has a disciplined capital allocation strategy that focuses on reinvesting in its core businesses, delivering returns to shareholders through dividends and share repurchases and pursuing growth through strategic acquisitions. The Company's acquisition and investment strategy continues to include expanding into new categories and enhancing critical technological and lifecycle management capabilities. For example, the Company has completed the following strategic acquisitions and divestitures over the past three years: • In September 2024, the Company acquired AUSA, a privately held Spanish manufacturer of wheeled dumpers, rough terrain forklifts and telehandlers, for $114.5 million. • In August 2023, the Company acquired AeroTech from JBT Corporation for $804.6 million. • In July 2023, the Transport segment sold its snow removal apparatus business for $17.1 million. • In March 2023, the Vocational segment sold its rear-discharge concrete mixer business for $32.9 million. • In January 2023, the Company acquired Hinowa, an Italian manufacturer of compact crawler booms and tracked equipment, for $186.8 million. Business Strategy The Company's business strategy is grounded in the Company's purpose of making a difference for those who build, serve and protect communities around the world. This strategy is reflected in three simple words: Innovate. Serve. Advance. Innovate . Develop safe, intuitive and productive solutions to real-world challenges through advanced technology and proven expertise in intelligent, connected products; electrification; autonomy and active safety. Serve . Deliver solutions that support the installed base, promote uptime and create value across every stage of ownership, including tools enhancing fleet intelligence; deep customer relationships; fleet uptime, productivity and safety enhancements; on-demand parts fulfillment and continuous product advancement. Advance . Expand our leading portfolio to adjacent products, verticals and geographies through pursuit of category expansion, lifecycle categories, adjacent markets, purpose-built vehicles and equipment and technology. Competitive Strengths The following competitive strengths support the Company’s business strategy: Powerful Brands and Product Portfolios. The Company believes its broad product portfolios and diverse end markets serve to diversify its sources of revenue, reduce exposure to economic cycles and provide multiple avenues for both organic and inorganic growth. The Company believes its product portfolios unlock significant potential to share innovation and technology within and across segments, bundle solutions for customers and maximize the Company's purchasing power. In each of its target markets, the Company believes it has either developed advanced, purpose-built technologies or strategically acquired broad product lines to become the supplier of choice for vehicles, equipment, parts and service of the types that the Company offers. The Company has also established an extensive domestic and international distribution network tailored to the needs of each market, reinforcing its global reach and customer accessibility. Innovative, Purpose-built Solutions. The Company’s advanced design and engineering capabilities have contributed to the development of innovative, purpose-built solutions that elevate performance, reduce total cost of ownership and deepen customer loyalty. The Company believes these capabilities enable it to integrate solutions across multiple segments and product lines, strengthening its competitive position and delivering manufacturing efficiencies that differentiate it from manufacturers who are more reliant on purchased components. For more than 20 years, the Company has supplied electric ‑ powered products, and it continues to accelerate its leadership with new zero-emission solutions across every segment.
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