The Gough Group has announced it has entered into a conditional agreement to sell its New Zealand and Australian operations to Sime Darby Berhad.
The agreement includes its Caterpillar dealership and transport businesses.
The decision follows a strategic review process to consider the options for the long-term growth of the Group which commenced in 2018.
Gough Group Chairman Keith Sutton said through the strategic review process the Board and shareholders focused on the best interests of the company, its customers, suppliers and employees.
“We are confident that, under Sime Darby’s ownership the outlook for the business will be strengthened, service to customers enhanced and opportunities for our employees improved,” Mr. Sutton said.
“Although it is sad to see the end of the almost 100-year legacy of Gough family ownership, all our stakeholders should be excited about the future of the business.
The transaction is conditional upon approval by the Overseas Investment Office and other standard pre-conditions.
Gough Group Chief Executive Officer Liz Ward said the new owners have a wealth of industry knowledge.
“They have a clear commitment to our people and customers, which was very important to the shareholders and the board,” Ms. Ward said.
Tracy Gough founded Gough, Gough & Hamer Limited in 1929, securing the Caterpillar dealership in 1932.
A diverse group, it incorporates 10 distinct businesses, and represents premium global brands such as Caterpillar, WABCO, SAF and Palfinger.
Sime Darby Berhad is partner to some of the world’s best brands in the Industrial and Motors sectors and is one of the largest Caterpillar dealers globally.
Headquartered in Malaysia and listed on the Kuala Lumpur Stock Exchange, it has a workforce of more than 20,000 employees and operations in 18 countries and territories across the Asia Pacific region.