OSAKA, Japan, June 21, 2016 /PRNewswire/ -- Yanmar Holdings
Co., Ltd. concluded a final agreement with Terex Corporation
(NYSE:TEX) of the United States
(Terex) on June 20 (U.S. Eastern
Time) to acquire Terex's European compact construction equipment
business for approximately US$60
million.
Through this business, Terex carries out the production and sale
of wheel loaders, midi/mini excavators, wheel excavators, and other
products in Europe. Included in
the acquisition are the manufacturing facility located in
Crailsheim, Germany, and a parts
distribution center located in Rothenberg, Germany.
The acquisition will allow Yanmar to further actively develop
its business in the small to medium-sized construction machinery
market in Europe by collectively
utilizing the sales and service networks, and the industry's
top-class product development and production knowhow of both
companies. The acquisition is expected to be completed during the
autumn of 2016 after the approval of Terex's shareholders and
regulating authorities and the completion of all other required
procedures.
Takehito Yamaoka, President,
Yanmar Holdings Co., Ltd, said, "We are very happy to have
concluded an agreement for the acquisition of Terex Corporation's
compact construction equipment business, which possesses a strong
Europe-based sales network and
excellent products, including the distinguished German Schaeff series. I believe this tie-up
will promote not only the short-term but also long-term growth of
Yanmar's construction equipment business by expanding the Yanmar
Group's compact construction equipment business and supplementing
the sales network of our French subsidiary."
About Yanmar
Yanmar was founded in Osaka in
1912, and succeeded in launching the world's first commercially
viable small diesel engine in 1933. Thereafter, with its core
business of industrial diesel engines, the company became a
comprehensive industrial machinery manufacturer providing total
solutions that integrate products, services and knowhow to multiple
markets. The company maintains seven main businesses; compact and
large engines, agricultural machinery and equipment, construction
machinery, energy systems, marine equipment, machine tools, and
components, which it develops on a global scale. Our mission
statement is "We strive to provide sustainable solutions for needs
which are essential to human life. We focus on the challenges our
customers face in food production and harnessing power, thereby
enriching people's lives for all our tomorrows." Furthermore, we
aim to contribute to the realization of a resource-recycling
society with "A SUSTAINABLE FUTURE" globally in the business fields
of "land", "sea" and "city". Please refer to Yanmar's website for
more details: https://www.yanmar.com/
About Terex
Terex Corporation is a lifting and material handling solutions
company reporting in five business segments: Aerial Work Platforms,
Construction, Cranes, Material Handling & Port Solutions, and
Materials Processing. Terex manufactures a broad range of equipment
for use in various 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 (http://www.terex.com) and its Facebook page
(http://www.facebook.com/TerexCorporation) to make information
available to its investors and the market.
Note
Information contained in the news release is valid at the time
of publication and may differ from the most recently available
information.