McNaughton secures Ashtead‘s Irish operation

McCormick MacNaughton has bought 15 equipment rental centres from plant hire firm Ashtead in a deal worth €17.5m.

An initial €11.5m in cash will be paid now by McNaughton, who operate the Caterpillar agency for Ireland, while the balance will be payable in stages.

Ashtead said the sale completed its A-plant restructuring programme, with the money going to reduce the company’s outstanding bank debt.