WESTPORT, Conn.--(BUSINESS WIRE)--Jul. 27, 2009--
Terex Corporation (NYSE: TEX) today announced that it has completed the
acquisition of the port equipment businesses of Fantuzzi Industries
S.a.r.l and Noell Crane for net consideration of approximately €155
million. Financial arrangements were made with existing financial
creditors of Fantuzzi to provide Terex with long-term financing on
favorable terms for substantially all of the acquisition price.
“We are quite pleased that Fantuzzi and Noell and their team members are
now part of the Terex Cranes family,” said Rick Nichols, President,
Terex Cranes. “Fantuzzi and Noell are unquestionably leaders in the
design, manufacture and service of port equipment, and although the
global economy is slow today, the longer term prospects for intermodal
transportation remain very attractive and substantial in scope. This
acquisition also helps diversify our Cranes business, and expands the
product offering of Terex Cranes to the port industry beyond our current
stacker product line.”
The existing Terex reach stacker product line will be joined by the
Fantuzzi product range that includes Noell branded straddle carriers,
both Fantuzzi and Noell branded rail and rubber tired gantry cranes,
mobile harbor cranes, ship-to-shore cranes, and reach stackers and
forklift trucks designed to improve port productivity and throughput.
Safe Harbor Statement
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. 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 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.
Terex Corporation is a diversified global manufacturer with 2008 net
sales of $9.9 billion. Terex operates in four business segments: Terex
Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex
Materials Processing & Mining. Terex manufactures a broad range of
equipment for use in various industries, including the construction,
infrastructure, quarrying, surface mining, shipping, transportation,
refining and utility industries. Terex offers a complete line of
financial products and services to assist in the acquisition of Terex
equipment through Terex Financial Services. More information on Terex
can be found at www.terex.com.
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com
or
Kurt
Goddard, 203-222-6160
Senior Manager, Investor Relations
kurt.goddard@terex.com