Terex Completes Sale of Its Demag® Mobile Cranes Business
August 01 2019 - 7:00AM
Terex Corporation (NYSE: TEX) today announced that it has completed
the sale of its Demag® Mobile Cranes business to Tadano Ltd.
(“Tadano”) for an enterprise value of approximately $215
million. The final transaction consideration is subject to
post-closing adjustments for cash, debt and net working capital.
“The sale of our Demag® Mobile Cranes business is another major
milestone on our journey to become a more focused, high performance
enterprise. We are committed to delivering improved
profitability and return on invested capital across Terex” said
John L. Garrison, Terex Chairman, President and CEO. “The net
cash proceeds received will further reduce our leverage.”
Mr. Garrison continued, “The sale is based on strong industrial
logic, as the Demag® Mobile Cranes business will become part of a
global crane company with complementary products and
capabilities. The Demag® Mobile Cranes business has been part
of our Company for almost two decades and we thank all of the
dedicated Demag® Mobile Cranes team members who have made
significant contributions to Terex and to the crane
industry.”
Moelis & Company LLC acted as financial advisor to Terex on
this transaction. Bryan Cave Leighton Paisner LLP acted as
legal counsel to Terex on this transaction.
Contact Information:Terex CorporationBrian J.
Henry, Senior Vice PresidentBusiness Development & Investor
Relations(203)
222-5954brian.henry@terex.comhttps://investors.terex.com
About Terex:Terex Corporation is a global
manufacturer of lifting and material processing products and
services that deliver lifecycle solutions to maximize customer
return on investment. The Company reports in two business
segments: Aerial Work Platforms 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.
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