Genie Industries Acquires Phoenix Equipment Company

REDMOND, WASH. (January 9, 2008) –Genie Industries, Inc. announced today it has acquired the assets of Phoenix Equipment Company, a Waco, Texas company specializing in the refurbishment of aerial work platform equipment. This acquisition is key to Genie’s strategy of continuing growth and delivering value-added services for customers.

“As the market has grown, so has the need for refurbishment. With this acquisition, Genie Industries will now have a dedicated facility to refurbish and remanufacture products to customer specifications,” said Tim Ford, President, Terex Aerial Work Platforms (AWP), which includes Genie Industries. “In addition to standard refurbishment and remanufacturing services, Phoenix Equipment Company has the ability to complete warranty repairs and customer unit repairs, which will be an added benefit for our customers.”

Phoenix Equipment Company began operation in 1996 as a small aerial lift rebuilding and repair facility. Currently, Phoenix employs more than 140 people in Waco. Phoenix Equipment does not sell or rent equipment but is dedicated to providing timely repairs, painting and annual inspections on all types of construction equipment. Since 1999, Phoenix Equipment Company has been a factory-authorized Genie Industries refurbishment and repair center.

John Carhart, founder of Phoenix Equipment Company, will continue with the company as it joins Terex AWP.