Terex Announces Sale of German Compact Construction Equipment Business to Yanmar Holdings Co., Ltd.
June 20 2016 - 9:00PM
Business Wire
Terex Corporation (NYSE:TEX) announced that it has agreed to
sell its German compact construction business to Yanmar Holdings
Co., Ltd. for cash proceeds of approximately $60 million. The
German compact construction business manufactures and sells
midi/mini excavators, wheeled excavators and compact wheel loaders.
Included in the transaction is the manufacturing facility located
in Crailsheim, Germany and the parts distribution center located in
Rothenburg, Germany. The sale, which is subject to government
regulatory approvals and other customary closing conditions, is
targeted to close in the second half of 2016.
“We are pleased to enter into this agreement with Yanmar, as
they represent a strong strategic buyer for this business who
values our quality designs, global team members and distribution
partners,” commented John L. Garrison, Terex President and Chief
Executive Officer. “For Terex, the sale of the German compact
construction business is another step in our strategy to focus our
portfolio on those product categories where Terex has a significant
presence in the market and that can provide the greatest returns
for our shareholders.”
Forward Looking
Statements
This press release contains forward-looking information based on
the current expectations of Terex Corporation. Because
forward-looking statements involve risks and uncertainties, actual
results could differ materially. Such risks and uncertainties, many
of which are beyond the control of Terex, include those factors
that are more specifically set forth in the public filings of Terex
with the Securities and Exchange Commission. Actual events or the
actual future results of Terex and Konecranes may differ materially
from any forward looking statement due to those and other risks,
uncertainties and significant factors. The forward-looking
statements speak only as of the date of this press release.
Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this press release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
About Terex
Terex Corporation is a lifting and material handling solutions
company reporting in five business segments: Aerial Work Platforms,
Cranes, Material Handling & Port Solutions, Materials
Processing and Construction. Terex manufactures a broad range of
equipment for use in various industries, including the
construction, infrastructure, manufacturing, shipping,
transportation, refining, energy, utility, quarrying and mining
industries. Terex offers financial products and services to assist
in the acquisition of Terex equipment through Terex Financial
Services. Terex uses its website (www.terex.com) and its Facebook
page (www.facebook.com/TerexCorporation) to make information
available to its investors and the market.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160620006289/en/
Terex CorporationTom Gelston, (203) 222-5943Vice President,
Investor Relationsthomas.gelston@terex.com
Terex (NYSE:TEX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Terex (NYSE:TEX)
Historical Stock Chart
From Apr 2023 to Apr 2024