Terex Announces Sale of Terex Equipment Private Limited to Manitou BF
March 27 2017 - 05:06PM
Business Wire
Terex Corporation (NYSE:TEX) today announced that it has agreed
to sell its India-based compact construction business to Manitou BF
(Manitou). Manitou is a leader in all terrain material handling
products. Terex Equipment Private Limited (TEPL) manufactures and
sells backhoe loaders, engages in the sale of wheel loaders and
contract manufactures and sells skid steer loaders. The sale is
subject to customary closing conditions and is expected to be
finalized in the first half of 2017.
“We are pleased to enter into this agreement with Manitou.
Manitou is a strong strategic buyer with the resources and desire
to further grow the business as an industrial base for Asia and
emerging markets,” commented John L. Garrison, Terex President and
Chief Executive Officer. “For Terex, the sale of TEPL represents
the disposition of the last significant asset held for sale in
Terex’s former Construction segment. This is an important milestone
in executing on Terex’s commitment 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
regarding future events or Terex’s future financial performance
based on the current expectations of Terex Corporation. In
addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” and the negatives thereof and analogous or similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the
statement is not forward-looking. Terex has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this 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 global manufacturer of lifting and
material processing products and services that deliver lifecycle
solutions to maximize customer return on investment. The
company reports in three business segments: Aerial Work Platforms,
Cranes, and Materials Processing. Terex delivers
lifecycle solutions to a broad range of 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170327006260/en/
Terex CorporationBrian J. Henry, 203-222-5954Senior Vice
PresidentBusiness Development & Investor
Relationsbrian.henry@terex.com
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