1/9/2014 10:12:00 AM Cannon Equipment acquired by Berkshire Hathaway's Marmon
by Ken Haggerty
Cannon Equipment, one of Cannon Falls biggest employers, property taxpayers and a company which has roots in the community dating back half a century, officially became part of billionaire Warren Buffetts's empire on January 1.
The Marmon Group, headquartered in Chicago, a division of Buffett's Berkshire Hathaway company, officially acquired Cannon Equipment as of the start of 2014.
"Today marks an exciting new chapter in Cannon Equipment's future," commented Dave Roland, president of Cannon Equipment.
"With the support of a world-class organization like Berkshire Hathaway, the future looks very bright," added Roland. "We are looking forward to continuing the business momentum we built in 2013 and continuing to provide world class solutions and service to our customers."
According to a Cannon Equipment release, Cannon Equipment joins over 100 manufacturing and service businesses that make up the Marmon Group. These businesses operate independently within 11 sectors including electrical and industrial components, transport equipment and mobile equipment, which will now include Cannon Equipment.
The Marmon Group employs more than 17,000 people and operates 300 manufacturing, distribution and service facilities worldwide (www.marmon.com and www.berkshirehathaway.com).
Cannon Equipment traces its roots to Point-of-Sales, founded in Cannon Falls by Howard "Speed" Fredrickson in 1966. IMI Corp., out of the United Kingdom, bought the company in 1981. It sold Cannon Equipment and some other similar companies it owned to Marmon for $1.1 billion in cash.
Cannon Equipment specializes in design and manufacture of material handling carts, cages, racks and automation equipment used in retail dairy and newspaper sales (cannonequipment.com).
The company employs about 200 people. It recently closed operations in Rosemount, consolidating some of the work and workers in Cannon Falls over the past year.
The Cannon Falls location is located just on the north side of Cannon Falls on Washington St., east of Hwy. 20.