Tuesday, July 28, 2009
Modern Group announces corporate restructuring into a single integrated full line distributor.
July 28, 2009
Bristol, PA based holding company, Modern Group Ltd., one of the nation’s largest material handling and construction equipment distributors, today announced a restructuring of its operations into a single integrated full line distributor. This restructuring was done in anticipation of future revenue growth as the economy improves and to take advantage of additional acquisition opportunities.
Dave Griffith, Modern’s Chief Executive Officer commented, “Modern has grown historically from its representation of such quality lines as Hyster, JLG, Genie, Generac, and New Holland and from some 33 acquisitions of related organizations. Therefore, now the time has come to position the company for future growth by bringing even greater efficiency to our operations and leverage our substantial investments in technology. In addition, Modern intends to significantly grow its Material Handling operations and will be making a number of acquisitions in this area.”
Effective August 1st, 2009 Modern will no longer operate as a holding company with multiple separate companies, but as a single, integrated, full line industrial distributor. This allows Modern to provide its customers the full range of product offerings and services from all locations, while maintaining a dedicated sales force and application specialists focused on specific products and services.
Founded in 1946, Modern Group, a 100% employee owned company, ranks among the largest independent material handling and construction equipment distributors, and power systems/generators in the nation, representing more than 400 product lines. A market leader, Modern Group’s companies provide sales, leasing, short-term rental, service, parts, training and financing solutions. Modern employs more than 450 people at its locations in Pennsylvania, New Jersey, Delaware and Maryland.