Terex Corp. last week announced that it has reached a definitive agreement to acquire the port equipment businesses of Fantuzzi Industries S.a.r.l. for total consideration of approximately €215 million (about U.S. $320.7 million).
These businesses are global leaders in the design, manufacture and service of port equipment, with factories in Italy, Germany and China, as well as sales and service branches around the world. The company had 2007 revenues of approximately €447 million (U.S. $666.7 million).
The transaction is subject to customary 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,” said Ronald DeFeo, Terex chairman and CEO. “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, both Fantuzzi- and Noell-branded rail and rubber-tired gantry cranes, mobile harbor cranes, ship-to-shore cranes, and reach stackers and forklift trucks 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,” said Rick Nichols, president, Terex Cranes. “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.”
Headquartered in Westport, Conn., Terex Corp. is a diversified global manufacturer with 2007 net sales of more than $9.1 billion. Terex operates in five business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining and utility industries.