Terex sells for $300MApril 13, 2019
Terex Corporation has finalised its agreement to sell its Demag Mobile Cranes business to Tadano for around $AU301 million.
The purchase includes manufacturing plants in Zweibrucken, Germany including various sales and service locations.
Demag manufactures and sells all terrain cranes and large crawler cranes and has been part of Terex for almost two decades. Terex Chairman and Chief Executive Officer John Garrison said the dedicated Demag Mobile Cranes team members have made significant contributions to Terex and the crane industry.
“The sale is based on strong industrial logic, as the Demag Mobile Cranes business will become part of a global crane company with complementary products and capabilities,” he said. “We are pleased to have entered into this agreement with Tadano, a strategic buyer who values the Demag Mobile Cranes brand, technology, distribution network and team members.” Terex will continue to manufacture Terex Utilities products and Rough Terrain Cranes for the global market and continue to manufacture its pick and carry cranes in Brisbane, Australia.
Tadano Ltd. Representative Director, President and Chief Executive Officer Koichi Tadano said the move was a strategic acquisition that offers Tadano considerable scope for growth.
“The addition of the well-respected Demag brand of all terrain cranes and large crawler cranes range extends our product lines and options for customers,” Tadano said.
“The addition of the Demag branded mobile crane product lines will enhance our global position in this segment. We believe that the Zweibrucken facilities and its global team members, as well as the current distribution partners, are valuable to the future success of the business.”
For more information regarding this story please visit: www.cranesandlifting.com.au/terex-sells-off-demag-mobile-cranes-for-300m/
West Cranes & Access hire has been a proud partner and supporter of Terex through the Access Hire and pick & Carry sector for over 20 years. As an interested onlooker, West Cranes & Access Hire will be keeping on keen eye on the strategic direction and growth acquisition throughout the global market. Visit: www.westcranehire.com.au