CEO DeFeo discusses Terex's performance on US television

Terex Corporation has reached a definitive agreement to acquire the port equipment businesses of Fantuzzi Industries S.a.r.l. for a total consideration of approximately EUR215 million (USD318 million). The transaction is subject to the usual closing conditions, including regulatory approval, and is anticipated to close in the fourth quarter of 2008.

"This acquisition provides us with an important growth opportunity in the intermodal transportation area of infrastructure," says Ronald M. DeFeo, Terex chairman and chief executive officer. "The acquisition is an excellent fit with our strategy of expanding our market presence in related product areas and is a natural extension of our Cranes business. We expect this acquisition to be accretive to Terex earnings per share by the end of 2009."

The existing Terex reach stacker product line will be joined by the Fantuzzi product range that includes Noell-branded straddle carriers; Fantuzzi- and Noell-branded rail and rubber-tyred gantry cranes; mobile harbour cranes; ship-to-shore cranes; and reach stackers and forklifts designed to improve port productivity and throughput.

"We are truly excited to welcome these businesses and their team members, distributors and customers to the Terex Cranes family," says Terex president Rick Nichols. "This acquisition represents an exciting opportunity for both companies, and together we will ensure that our customers in the port equipment and lifting segments will be the ultimate beneficiaries of our expanded product and service offerings."

Forkliftaction News will analyse the deal in the next newsletter.