WESTPORT, Conn.--(BUSINESS WIRE)--Terex Corporation (NYSE:TEX) announced that it has completed the sale of its German compact construction business to Yanmar Holdings Co., Ltd. for $60 million in cash. The German compact construction business manufactures and sells midi/mini excavators, wheeled excavators and compact wheel loaders. Included in the transaction is the manufacturing facility located in Crailsheim, Germany and the parts distribution center located in Rothenburg, Germany.
“The completion of this transaction is another step in our strategy to focus our portfolio on those businesses that can consistently deliver returns in excess of our cost of capital,” commented John L. Garrison, Terex President and Chief Executive Officer. “Yanmar is a strong strategic buyer with the resources and capability to develop and grow the acquired business for the benefit of all stakeholders, including customers, distribution partners and employees.”
Terex Corporation is a global manufacturer of lifting and material processing products and services that delivers 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.