WESTPORT, Conn.--(BUSINESS WIRE)--Mar. 27, 2017--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170327006260/en/
Source: Terex Corporation
Terex Corporation
Brian J. Henry, 203-222-5954
Senior Vice
President
Business Development & Investor Relations
brian.henry@terex.com