17.08.2010

Terex acquires in China

Terex has announced the acquisition of a majority stake in Jinan, China, based crawler crane manufacturer Shandong Topower Heavy Machinery Company.

Terex has agreed to acquire 65 percent of the privately held company which currently manufactures lattice boom crawler cranes in the 70 to 360 tonne class.

Founded in 2007, Topower Cranes has already established a local reputation for producing crawler cranes that are largely used in the energy industry.

Rick Nichols, president of Terex Cranes said: "The acquisition of Topower will strengthen Terex's position in the crawler crane market in China. As a worldwide leader in cranes, we are confident that we can build on the expertise established by Topower, while bringing in the considerable experience that we have gained both in the Chinese market and through our extensive worldwide operations."

At the same time Terex announced that it has entered into an agreement with Fujian South Highway Machinery Company (NFLG) to establish a mobile materials processing equipment manufacturing joint venture in Quanzhou, China. Terex will hold 60 percent of the shares in the new venture.

Terex chief executive Ron DeFeo added: "These actions further escalate the growth opportunity for Terex in China, which has been steadily expanding with the addition of our Terex Port Equipment facility in Xiamen and our new Aerial Work Platforms factory, nearing completion in Changzhou."

"We are enthusiastic about these ventures and the additional potential they bring to participate in the significant infrastructure and commercial development that we expect will be continuing across China for many years to come."

Terex says that it expects to complete the Topower acquisition and the joint venture with NFLG later this year.