The Manitou group has announced the acquisition of Terex Equipment Private Limited (TEPL) based in Greater Noïda, India. This acquisition, from Terex Corporation, will be finalised over the first semester of 2017.
Founded in 2003, TEPL specialises in design, manufacture and distribution of construction equipment, mostly backhoe loaders and skid steer loaders, and achieved revenues of EUR30 million (USD32.5 million) in 2016, mostly in Southern Asia.
Manitou sees the acquisition as a step towards reinforcing its ambitions for the handling market in India and, more broadly, in Asia and emerging countries. The group will be able to rely on a well-established company in India, supported by a structured dealership network and a solid service organisation.
Michel Denis, president and CEO of Manitou Group, says the acquisition perfectly fits Manitou's efforts to expand its presence in emerging markets. "TEPL has a solid dealer network which we will continue to further develop. TEPL produces high-quality products with a very efficient spare parts and service organisation, and will be a strong industrial base for Manitou Group to develop new product ranges for Asia and emerging countries."
TEPL is a fully owned subsidiary of Terex Corporation, a diversified global equipment manufacturer.
The sale of its Indian subsidiary comes in the wake of its sale of Terex Material Handling and Port Solutions (MHPS)
to Konecranes in January and reflects a move to a narrower focus.
Besides divestitures, Terex recently closed 14 manufacturing facilities around the world, reducing its footprint by approximately one third.