WINNIPEG, Man. — Winnipeg, Man.-based Powell Equipment, the oldest Caterpillar dealership in Canada, has been sold to Toromont Industries.
The $70 million sale is a result of industry consolidation, according to Powell CEO Richard Andison.
"In order to create the opportunities for the employees and to be able to properly market the products and service customers, bigger is better in this business," Andison told local media.
Although some functions of the Cat dealership will now be run from Toronto, the sales, marketing, accounting, parts and services departments will remain in Winnipeg, and all 400 employees will be maintained.
The move comes on the heels of Andison’s sale of his Cat industrial lift truck division in southern Ontario to Montreal, Que.-based Hewitt Equipment.