ALAMO ANNOUNCE CHANGE IN SEGMENT REPORTING

Beginning with Q4 2021, Alamo Group say they will report business results in two new segments, namely, the Vegetation Management Division and the Industrial Equipment Division.

The Vegetation Management Division will include all of the operations of the former Agricultural Division plus the mowing and forestry/tree care operations that were previously part of the former Industrial Division, including the recently acquired Morbark and Dutch Power business units.

The Industrial Equipment Division will include the Company’s vocational truck business and other industrial operations such as excavators, vacuum trucks, street sweepers, and snow removal equipment.

In an official statement the company said, "This realignment of our two divisions provides greater potential to capture synergies in cross-branding, distribution, product development, supply chain management and logistics. They are also more balanced in scale and scope giving the  company two strong platforms for ongoing development through a mix of organic growth and acquisitions."

The Vegetation Management Division will be led by Rick Raborn who is currently serving as Executive Vice-President of the Company’s Agricultural Division. The Industrial Equipment Division will be led by Michael Haberman, who is currently leading the Company’s excavator and vacuum truck business units and who served as the President of the Company’s Gradall business from 2006 to 2020.

In addition to the above segment related changes, Alamo Group has appointed Dan Malone to serve as the Company’s first Chief Sustainability Officer in an effort to enhance the Company’s focus on environmental and social governance and related sustainability efforts.