Forklift maker Moffett downsized as US demand falls

Dundalk-based Moffett Engineering, which manufactures forklift trucks for sale around the world, has been forced to restructure and downsize its business after sales to North America shrank last year. Accounts just filed for the company, which only two years ago unveiled a centre for excellence at its Dundalk, Co Louth base, reveal that turnover rose more than 10pc in 2006, to €88.6m, while operating profit climbed 35pc to €9.6m. However, the company said that, while the performance during 2006 had been robust, due to sales of machinery and spare parts, it experienced a downturn in demand for its products in the North American market during 2007, resulting in a "restructuring and downsizing of the business". Keith Quigley, managing director of the company, which is owned by Finnish group Cargotec, declined to comment. Moffett... [read full story]