Multiquip Integrates Divisions, Announces Other Changes to Improve Business Processes and Address Needs of a Changing Global Marketplace

Contact: Bob Graydon
(310) 537-3700

Multiquip Inc. today announced a series of initiatives designed to streamline the company and boost the efficiency of its business processes in order to more flexibly respond to market changes and better serve the needs of its customers.  

Founded in 1973, Multiquip has grown to become one of the largest and most diversified equipment suppliers to the construction, entertainment and equipment rental industries. The General Construction Equipment (GCE) Division develops, manufactures and distributes small-to-medium size construction equipment. The Power Division supplies power generation equipment principally to the construction, telecommunications, shelter/disaster recovery and entertainment industries. Multiquip is a wholly owned subsidiary of New York-based ITOCHU International Inc. and its parent company, Tokyo-based ITOCHU Corporation.   

Prompted, in part, by the global economic crisis, which has had a particularly severe impact on the construction industry, the changes announced today constitute a new business model that will enable Multiquip to focus its resources on areas of importance to its customers. They will also position the company to respond to a rapidly changing market in the most efficient manner and put it on a path toward growth in the future.  

Under the new initiatives, Multiquip has consolidated and fully integrated the GCE and Power divisions into a single, right sized, function-based organization, eliminating redundancies and promoting efficiency. Promotion of a single Multiquip brand will be part of an intensified market focus. Efforts have been made to ensure that the reorganization will not simply be seamless to customers but will result in substantially improved support levels and response timeliness. 

In conjunction with these initiatives, Multiquip is pleased to announce that Gary S. Moskovitz, who previously served as the company's executive vice president, has been named president and chief operating officer. Mike Howlett, former GCE Division President will take over the new position of Senior Vice President of Operations; former Power Division President Bob Graydon will take over the new position of Senior Vice President of Sales, Marketing and Planning; Phillip D'Amato has also been promoted to Vice President, Human Resources and Corporate Services and Torsten Erbel has also been promoted to Vice President of Product Management, Engineering and Customer Support. Michael Hanken continues as Vice President of Information Technology and Jim Henehan continues as Senior Vice President of Finance/ Administration and CFO. 

"Multiquip has a very strong reputation for quality, reliability and service," said Tom Yasuda, chairman and chief executive officer. "Our goal with these initiatives is to continue to provide our customers with the products and support they need, especially during these difficult economic times. Streamlining our business model and refocusing our resources will allow us to meet this goal and at the same time expand globally."  Yasuda added: " Gary's forward-looking perspective fits perfectly with our vision for Multiquip's future, and I'm looking forward to his contributions not only on the customer side of the business but also in our continuing effort to strengthen long standing relationships with our strategic vendors."

Newly appointed president and chief operating officer Gary S. Moskovitz commented: "I am confident that the new direction we have charted for Multiquip will enable us to maintain the qualities that have made us an industry leader – namely, a commitment to top-notch products and service – and will, at the same time, make us a more nimble and productive organization."  

"Multiquip has a well-deserved reputation as a top vendor to the construction, telecommunications, and entertainment industries, among others," said Yoshihisa Suzuki, chief executive officer of ITOCHU International Inc. "The initiatives that the company has now announced will ensure the company's continued leadership and growth."

About Multiquip
Founded in 1973, Multiquip has grown to become one of the largest and most diversified suppliers to the construction, telecommunications, special events, industrial, shelter and disaster/emergency market sectors. Its extensive product line includes rammers, rollers, plate compactors and other compaction equipment; portable lighting; concrete and masonry pumping, cutting, placing and finishing equipment; dewatering pumps; generators; welders and a broad range of portable power generation equipment, including the entertainment-industry specific line of studio generators and large containerized units ranging from 500 to 2000kW. Multiquip distributes products with such world-renowned brands as Mikasa, Denyo, Whiteman, Mayco, Essick, Sanders, Rammax, Stow, EZ and Grout. The company sells through a worldwide dealer network in more than 70 countries. Multiquip is based in Carson, California and has offices located throughout the United States and in Canada, Mexico, England and China.

About ITOCHU Corporation
ITOCHU Corporation is a diversified global trading company headquartered in Tokyo. With over 130 offices in more than 70 countries, ITOCHU operates over 400 subsidiaries and affiliates in and outside Japan involved in a wide array of industries, including technology, telecommunications, aerospace, energy, metals, machinery textiles, food, chemicals general merchandise, finance, real estate, insurance and logistics services. A Fortune Global 500 company, ITOCHU recorded revenues in excess of $34 billion in fiscal 2008.

About ITOCHU International Inc.
The North American flagship company of ITOCHU Corporation, ITOCHU International provides trading services for more than 20,000 items and manages a portfolio of 27 subsidiaries and affiliates as well as a diversified range of investments. Headquartered in New York and operating in the US, Canada and Mexico, the company is involved in a wide variety of businesses, with particular strength in the machinery, aerospace and electronics, food, forest products, chemicals, energy and alternative energy sectors.