WESTPORT, Conn.--(BUSINESS WIRE)--Jun. 20, 2016--
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/
Source: Terex Corporation
Terex Corporation
Tom Gelston, (203) 222-5943
Vice President, Investor Relations
thomas.gelston@terex.com