New Turkish owner for Hy-Brid Lifts
12 September 2023
Turkish company ASKO has acquired a majority stake in the US-based Hy-Brid Lifts. ASKO is also the owner of Turkish aerial platform manufacturer ELS Lift and construction equipment manufacturer MST Construction Machinery.
ASKO is headquartered in Turkey and operates in the construction machinery, agricultural machinery, energy and technology sectors through its eight companies and subsidiaries.
In addition to ELS Lift - which produces scissor lifts, vertical mast lifts and boom lifts - it also owns MST Construction Machinery, which makes telehandlers, backhoe loaders and excavators.
The partnership is set to increase the Hy-Brid Lifts product offering and provide working capital for accelerated growth in all areas.
“The next chapter for Hy-Brid Lifts has started with this partnership with ASKO. We see this as a great opportunity for our customers as we will be bringing new products to the market, accelerating R&D and increasing our sales and service support,” said Jay Sugar, CEO and President of Hy-Brid Lifts.
Sami Konukoğlu, Founder and Chairman of the Board of ASKO, said; “We are very excited to welcome Hy-Brid Lifts and its skilled employees into the ASKO family.
“With Hy-Brid Lifts’ track record of producing innovative high-quality products and having an established dealer network, this investment fits into ASKO’s strategy to become a global player and expand in North America.”