South African construction, industrial and
mining lessor Eqstra Holdings, which owns Hull-based UK forklift
rental group Impact Handling, is to cut up to 7 percent of its
4,500 staff as a result of decreased demand in its markets of
operation.
mining lessor Eqstra Holdings, which owns Hull-based UK forklift
rental group Impact Handling, is to cut up to 7 percent of its
4,500 staff as a result of decreased demand in its markets of
operation.
Eqstra’s Q1 leasing sales volumes for materials
handling assets were down 40 percent year-on year, with CEO Walter
Hill stating in an interview with Reuters that the company
had no expansion plans for the next two to three years.
handling assets were down 40 percent year-on year, with CEO Walter
Hill stating in an interview with Reuters that the company
had no expansion plans for the next two to three years.
He went on to comment that he saw opportunities in iron ore and
coal mining, but that these were unlikely to become revenue
producing projects in the near future.
Despite this, Hill said that British arm Impact Handling
remained profitable, due in part to leasing contracts with fixed
interest rates.
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Speaking to Leasing Life, chief financial officer Jose
Vieira-Pereira added that restructuring would not necessarily
affect Impact Handling, with management in the UK responsible for
meeting covenants according to its own strategy.
