Terex Corporation will buy Genie Holdings Inc, a manufacturer of aerial work platforms, under a merger agreement by the two companies this week.

The purchase price is USD75 million, consisting of USD64.9 million in Terex common stock and USD10.1 million in cash. Terex chairman Ronald DeFeo said the transaction, which is subject to regulatory approval, would close by October and boost Terex revenues by USD575 million.

"Genie is a strong global brand with significant market share, and this acquisition diversifies our product offering with the addition of aerial work platforms," he said.

"This is a sector that four years ago had too many manufacturers and too much capacity. The market has since corrected and today Genie is one of two significant players in North America and three in Europe."

Mr DeFeo said Genie president Bob Wilkerson would continue as president.