07.10.2010

Terex to acquire tower crane builder

Terex has acquired a 33 percent stake in Italian based luffing jib tower crane builder Recom with the aim to make a full takeover over the longer term.

Privately held Recom is based in Belluno, Italy and designs and manufactures luffing jib tower cranes that are distributed exclusively by Terex Cranes under the Comedil brand.

Recom was established in 2003 by Ferruccio Moritsch, the founder of Comedil tower cranes, now owned by Terex, to design and build luffing jib tower cranes for the worldwide market, and has been selling through Terex Cranes’ distribution network since 2008. Terms of the transaction were not disclosed.

Rick Nichols, president of Terex Cranes said: “This investment helps ensure long-term stability for an important part of our tower crane product portfolio, and reflects our commitment to strengthen and build our tower crane business. Recom has a demonstrated culture of innovation that will contribute to our new product development, and we are pleased to make this commitment to the company and its team members with whom we have worked for several years.”