Tags
Industry News

Ritchie Bros. and IronPlanet Secure Unconditional Antitrust Clearance from the U.S. Department of Justice; Acquisition is Expected to Close in the Next Few Weeks

Ritchie Bros., has announced the receipt of unconditional antitrust clearance from the U.S. Department of Justice for the proposed acquisition of IronPlanet, an online marketplace for heavy equipment and other durable assets. Ritchie Bros. outstanding brand reputation and high degree of customer trust, coupled with IronPlanet's digital prowess built on user friendly technology, will provide multiple product and channel offerings to customers.

"Over the last three years, we've been successfully executing on a multi-channel diversification strategy to ensure that the company stays relevant and strong in a changing environment. In IronPlanet, we found a company that allows us to continue our rich history of innovation and gives us the tools and talent to transform into a digital information and insights powerhouse," said Ravi Saligram, Ritchie Bros. CEO. "The missions of our companies are aligned: deliver maximum choice and value to our customers. We look forward to bringing our combined pride and passion together under one umbrella to accelerate our growth initiatives and add shareholder value."

Greg Owens, IronPlanet chairman and CEO added, "The management team and employees of IronPlanet are enthusiastic about joining forces with Ritchie Bros. - the possibilities are endless when you merge brand strength with technology. We are inspired by the vision of leading a digital transformation in the industry."

The anticipated benefits of Ritchie Bros.' acquisition of IronPlanet are extensive and make a positive impact on the business internally and externally. Highlights include:

1) Pioneer a path into the future. Ritchie Bros. is a forward-thinking, growth-focused company that never stops innovating. By continuing to invest in technology and providing end-to-end support solutions, the company will continue to set a benchmark for equipment values across the globe.

2) Maximize opportunity for customers. The acquisition of IronPlanet is intended to provide the highest quality choices in asset disposition to best serve customers. The acquisition is the next step in Ritchie Bros.' diversification and multichannel strategy. As a successful player in the marketplace for nearly 60 years, Ritchie Bros.' unique business model and heritage of extraordinary customer relationships make it a leader in the industry.

3) Caterpillar Alliance. Ritchie Bros. also enters into a historic, long-term strategic alliance with Caterpillar, which will significantly strengthen its relationship with Caterpillar's independent dealers around the world by providing enhanced and continued access to a global auction marketplace to sell their used equipment.

The transaction is expected to close in the next few weeks. A new organizational structure will be announced after closing. 

Company Info

  • Ritchie Bros. Auctioneers

    9500 Glenlyon Parkway
    Burnaby , BC
    CA , V5J 0C6

    Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest industrial auctioneer, and one of the world's largest sellers of used equipment for the construction, transportation, agriculture, energy, mining, forestry and other industries. Ritchie Bros.™ asset management and disposition solutions include live unreserved public auctions with on-site and online bidding; EquipmentOne™, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and a range of ancillary services, including financing and leasing through Ritchie Bros. Financial Services. Ritchie Bros. has operations in 19 countries, including 45 auction sites worldwide.

    Read more

  • IronPlanet

    3825 Hopyard Road, Suite 250
    Pleasanton , CA
    US , 94588-8528

    IronPlanet is a leading online marketplace for selling and buying used equipment and other durable assets and an innovative participant in the multi-billion dollar used equipment market. Founded in 1999 to transform the global used equipment market, IronPlanet has built a database of more than 1.5 million registered users worldwide. IronPlanet connects buyers and sellers of used equipment with its exclusive IronClad Assurance® equipment condition certification and family of brands, including IronPlanet®, GovPlanet®, TruckPlanet®, Cat Auction Services, Kruse Energy & Equipment AuctioneersSM, allEquip® and Asset Appraisal ServicesSM. IronPlanet is backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo

    Read more

Latest News

Tags
Instrumentation, Systems & Automation

Growing demand for enclosures meeting safety standards

As OEMs expand into the international marketplace there has been a growing demand for enclosures that carrying both NEMA standards for the North American and the International Electrotechnical Commission (IEC) Standards for international acceptance. To meet this demand, Stahlin Non-Metallic J and N series were both tested to the IEC 60529 standard and specifically, IP66 rating. Today, both the Stahlin J and N enclosure product lines are UL Listed to IP66 rated for:

  • Superior protection from dust.
  • Proper protection from heavy seas or water projected by powerful jets
IEC is the International Standards and Conformity Assessment for all electrical, electronic and related technologies. How the ratings are assigned:
  • The IP stands for Ingress Protection or the act of entering. 
  • The first numerical digit such as this 6 describes the rating that is given for solid objects such as dust. 
  • The second numerical digit again the number 6 defines how well the enclosure can keep liquids out.

Read More

Sponsored Content

Volvo’s Award-Winning CoPilot Interface – Make Every Operator Your Best Operator

With the Volvo award-winning Co-Pilot on-board interface, operators can set up projects with ease, get real-time job information and get more done with less rework. Use Co-Pilot for a multitude of applications, including Load Assist for wheel loaders, Compact Assist for Asphalt with Density Direct™, and Dig Assist for excavators. Learn more about how Co-Pilot can make your jobs more efficient, and more profitable. 

Watch and learn more

Tags
Instrumentation, Systems & Automation

Water and steam detection system

Emerson's water and steam detection system is the world's first single controller solution to be certified to IEC 61508 for safety instrumented functions up to SIL 3. The Mobrey Hydratect 2462 Water and Steam Detection System is used in a wide variety of applications where the detection of water or steam is vital for safe and efficient plant operation, such as boilers, steam drums and steam line drain pots. This helps to protect valuable plant assets, prevent downtime, save costs and improve worker safety.

Read More

Tags
Occupational Health & Safety

Wrist lanyards provide tool interchangeability for worksite safety

Gear Keeper's two new wrist lanyard systems can safely handle tools up to 5 lbs. Productivity is significantly increased by the company's patented Quick Connect tool attachment connecting devices that permit secure, fast and easy connection / disconnection of tools. Users can easily change out and use many tools with just one lanyard by fitting additional male connectors to all tools being used and merely unclick one tool and attach another.  

Read More

Tags
Industry News

Atlas Copco celebrates grand opening of new South Carolina facility

Atlas Copco AB President and CEO Mats Rahmstrom cuts the ribbon at the grand opening of the Atlas Copco production facility in Rock Hill, South Carolina, Wednesday, May 17, 2017. The $25 million, 197,000-square-foot plant at 1059 Paragon Way employs more than 300.

Also pictured are (from left to right): Chad Williams, York County Council; Mandy Brawley, Deputy Director of Global Business for the South Carolina Department of Commerce; Doug Echols, Rock Hill Mayor; Andrew Walker, President of the Atlas Copco Construction Technique Business Area; and Peter Lauwers, President of the Atlas Copco Portable Energy Division.

Atlas Copco celebrated the grand opening of its new production facility in Rock Hill, South Carolina, with a ribbon-cutting ceremony on Wednesday, May 17.

Read More

Tags
Industry News

Global industry changes create uncertainty for oil and gas

Key drivers underpinning capital allocation, market alignments and operating characteristics of the global oil and gas industry are undergoing rapid changes - and creating greater uncertainty in the commodities market. PwC Canada's new report Energy Visions: Who's in Charge launched today in Calgary focuses on key actions the Canadian industry must take to achieve greater agility in this changing marketplace. 

Read More

Tags
Environmental
Industry News

Alberta introduces legislation to add funds for orphan well cleanup

The Alberta government has introduced legislation that would allow it to lend the Orphan Well Association (OWA) $235 million to speed up proper abandonment and reclamation of a growing number of oil and gas well sites that no longer have a responsible owner. It's estimated this loan would lead to up to 1,650 new jobs in reclamation work over the next three years, reducing the liability facing the OWA by approximately one-third.

Read More

Tags
Occupational Health & Safety

Device provides connection for gas detectors to ease maintenance and downtime

Honeywell's new OELD (Optima Excel Local Display) attaches to Searchpoint Optima Plus, a staple safety device for more than 20 years on offshore drilling platforms and in operation at more than 250,000 points of detection throughout the oil and gas industry; in addition, the OELD will soon be available as an accessory for the company's flagship open-path infrared detectdor, Searchline Excel. With the attached display, workers can view gas information from the detector on the display screen or wirelessly from up to 10 meters on an intrinsically safe smart phone. Workers can wirelessly perform a host of diagnostic work on the detector, including calibration, configuring alarm set points, specifying target gases and checking gas concentration levels and sensor performance.

Read More

Tags
Asset Management
Instrumentation, Systems & Automation
Occupational Health & Safety

Antistatic coating for hazardous area enclosures

Intertec has launched an advance in antistatic surface coating treatment for its GRP (glassfiber reinforced polyester) outdoor enclosures. Developed specially for Intertec by the chemical specialist BÜFA, the new nanotechnology-based coating also boosts protection against damage from ultraviolet radiation - helping to achieve extended maintenance-free lifecycles of field-based control and instrumentation equipment in processing industries such as oil, gas, chemicals and petrochemicals. Intertec's weathering tests in an environmental test chamber have demonstrated that the new coating can withstand extended exposure to very high UV levels - providing a new level of protection particularly for GRP field enclosures destined for environments such as deserts, the tropics or the Arctic.

Read More

Tags
Instrumentation, Systems & Automation
Software & IT

Software available for field calibration of pressure transmitters

DevCom2000-Lite Software is now available to enable field calibration and adjustment of Viatran Model 511, 521 & 522 Hammer Union Pressure Transmitters. Viatran has partnered with ProComsol, Ltd. (Process Communications Solutions) to develop this “easy to use” method for trimming and adjusting Viatran hammer union pressure transmitters in the field.

Read More

Tags
Industry News

Milestones reached for integrated polypropylene facility in Alberta

Pembina Pipeline Corporation and Petrochemical Industries Company K.S.C. of Kuwait have reached key milestones for the previously announced proposed integrated propylene and polypropylene production facility in Sturgeon County, Alberta. Pembina and PIC have executed 50/50 joint venture agreements that includes binding commercial terms in support of the Project and have formed a new entity, Canada Kuwait Petrochemical Corporation. Additionally, Pembina is pleased to announce that CKPC will proceed with activities for front end engineering design for the Project.  

Read More

Tags
Industry News

No need for oil tanker moratorium, CAPP states

Millions of tonnes of oil products have been shipped through Vancouver Harbour. – Photo by Michael Chu on Flickr, used under Creative Commons license https://creativecommons.org/licenses/by-nc-nd/2.0/legalcode

The Canadian Association of Petroleum Producers (CAPP) is disappointed with the Government of Canada's introduction of Bill C-48, the proposed Oil Tanker Moratorium - designed to establish a moratorium on tanker traffic carrying crude oil and other petroleum products along British Columbia's North Coast.

Read More

Tags
Industry News

Oil Tanker Moratorium Act introduced in Parliament

The transportation system is something Canadians rely on every day, from getting us to work, or bringing us the products we use in our homes. The Government of Canada is working to ensure that goods are transported in a safe and responsible way while protecting our marine environment and clean water.   

Read More