Terex India's Hosur facility
All-terrain materials handling manufacturer Manitou Group has finalised the acquisition of Terex Equipment Private Limited (TEPL) in India.
Founded in 2003, TEPL specialises in design, manufacture and distribution of construction equipment, mostly backhoe loaders and skid steer loaders, and achieved EUR30 million (USD32.7 million) revenue in 2016, mostly in Southern Asia.
The acquisition reinforces Manitou's ambitions for the handling market in India and, on a broader level, in Asia and emerging countries.
Michel Denis, president and chief executive officer of Manitou Group, says: "We are very proud of this acquisition. With TEPL, Manitou reinforces its presence in emerging markets. We will continue to develop the TEPL solid dealer network as well as the services approach and to capitalise on the strong industrial basis to also develop new product ranges for Asia and emerging countries."
Announcing the deal in March, John L. Garrison, Terex president and chief executive officer, noted that "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," he said.