Triton is Alive and Well

[George Caron]

Hello to All, My name is George Caron, I am the North American Sales Manager for Triton Workshop Systems, as an avid woodworker and a Fan of this website I come here from time to time to catch up on the latest news and opinions from other people who share my passion. I have been reading the numerous posts made over the past few days regarding GMC and the fact that they have gone into receivership, and what impact it will have on Triton products, well, it’s time to put certain issues to bed. What has in fact happened is that the financing bank for GMC has sent in an Administrator to assist in reorganizing their accounting systems. I can assure everyone reading these current posts and also for future reference that Triton North America is financially sound and is going to be here for a long time to come. We are independent of the Australian GMC company and will continue to support our products whether it is for service and or warranty. Please rest assured, We Are Not Going Anywhere. You can visit us at tritonwoodworking.com for all your woodworking needs.

[Justin Leiwig]

We are independent of the Australian GMC company and will continue to support our products whether it is for service and or warranty. Please rest assured, We Are Not Going Anywhere. You can visit us at tritonwoodworking.com for all your woodworking needs.

Thanks for the update...but for clarification...are you going to have new products or just support and service?

[George Caron]

We have always been relatively cautious when considering bringing on "New Products", as you may well be aware, Triton has a unique and innovative style of tools which may not suit all markets. We are currently evaluating several new items for the North American market which should be released somewhere around the 2nd quarter next year.


Thanks for the update...but for clarification...are you going to have new products or just support and service?

[Brent Smith]

Hi George,

Thanks for filling us in on the NA side of things. Rumours and counter romours abound on the net, it's always better to hear things from the horse's mouth.

[Ken Milhinch]

George,

The Australian bank has asked the receiver (not an administrator - two different things) to do a bit more than " assist in reorganizing their accounting systems". The receiver has said he is seeking to sell off the company- if possible. GMC have had their range removed from the largest hardware chain in the country, and this puts a big dent in their revenue stream.
I am obviously unaware of the business arrangements between yourselves and GMC/Triton in Australia, so perhaps you are able to continue with the brand. If so, good luck to you, but it looks like the brand is dead in the water in the land of its birth.

[Barry Nelson]

Expressions of interest for the purchase of the whole shebang close on January10 2009. Korda Mentha are the liquidators.
This has been advertised in our Financial press over here the last week or two.They are dead in the water!:mad:

[Rick Fisher]

James Thomson
Australian power tool empire Global Machinery Company – better known to those handy around the home as GMC – has been placed in receivership by its main lending banker Westpac Banking Corporation.

GMC was owned by Melbourne-based entrepreneurs Peter Hosking and Tony D’Antonio. The pair were valued on this year’s BRW Rich 200 at $270 million and were praised for the way they built their fledging tool company into a worthy rival for global companies such as Black & Decker and Ryobi.

The company’s fall from grace has been spectacular. In 2005, the GMC’s revenue was reportedly $300 million and Hosking and D’Antonio had built a substantial export business with overseas sales of more then $90 million.
The key to the business was providing affordable power tools (usually imported from China) for the DIY market. But in recent years, big hardware retailers such as Bunnings and Mitre 10 have begun sourcing products directly from China.
Bunnings cut back its GMC range in 2007 and dropped the company completely earlier this year when it signed an exclusive deal to be the only stockist of Ryobi in Australia. Mitre 10 is also reported to have cut back on the shelf space offered to GMC.
The loss of the Bunnings sales cut revenue to $190 million in 2007-08. Receiver Leanne Chesser from KordaMentha says the company still has a turnaround $100 million.
She is hoping for a quick sale of the business. Corporate advisory firm Kidder Williams, which was appointed in October to find a buyer for GMC, will continue to assist in the sales process.
"Our objective will be to sell the business as a going concern and we are seeking immediate expressions of interest,'' Cheeser said in a statement.
“We expect a sale to be completed in the short term.''
Back in October, Tim Faulkner of Kidder Williams told SmartCompany there had been strong interest in GMC, with a rival tool company such as Ryobi, Bosch or Black & Decker considered the most likely buyers.
Hosking and D’Antonio met at tool company Black & Decker. Shortly after Hosking left that company in 1996, he was asked by a hardware retailer to fill a space in its Father’s Day catalogue. Hosking imported some drills from China and GMC was born.

Looks like Triton has an unhappy bank and is up for sale. This will not be the last power tool company to suffer during the next year or two.