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Spain's Residential Construction Equipment Market Collapse (RBA, TEX, Liebherr)

May 21, 2009

Analysis of:The Cranes in Spain Point Mainly to a Strain | online.wsj.com

The Spain's residential real estate collapse side-effects are now being seen in construction equipment markets, as exagerated demand for construction created an unsustainable market for cranes, trucks, tractors, mechanical diggers. Companies in the construction equipment industry, now face both the complete dryness of one of their booming markets and the competitive pressure coming from strained used equipment. Sales data from Terex Corp. (TEX) showing a 70% drop in orders or Liebherr that went from selling 900 construction cranes in 2006 to 0 in the first quarter of 2009, quantify the daunting situation. The only positive implications are for auctioneers like Ritchie Bros. (RBA) that are being overwhelmed by the quantity of stock items that they are requested to clear.

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