Essex Crane announced last week that Maxim Crane Works bought all of Essex Crane’s productive equipment for about $75 million as Essex continued to sell its remaining assets to meet obligations after ceasing operations on September 9.

“The continued softness in the oil and gas end markets has negatively impacted the industry and has resulted in a decline in business results,” said Nick Matthews, president and CEO of Essex. “We appreciate the patience of our shareholders, customers and employees and are eager to focus all of our efforts on creating shareholder value.”

Maxim Crane supplies crane rental and lifting services, headquartered in Bridgeville, Pennsylvania, with 32 rental locations nationwide.