26.04.2006

Terex acquires Chinese crane company

Terex Corp announced late today that it has acquired a 50 percent interest in Sichuan Changjiang Engineering Crane Co., Ltd., based in Luzhou, Sichuan Province, China.

Changjiang Crane is said to be the third largest producer of on-highway truck cranes in China, with a product range from eight to 160 tonnes lifting capacity.

The senior management of Changjiang Crane will own the remaining 50% interest in the company. Changjiang Crane will become part of the global operations of the Terex Crane group and with its results consolidated into the Terex Cranes business segment.

Currently, Chinese regulations generally limit foreign companies from owning more than 50 percent of domestic companies that produce on-highway vehicles, including truck cranes. If and when regulations permit, Terex has the right to acquire the remaining 50 percent of Changjiang Crane.

Steve Filipov, President of Terex Cranes, said “There is significant opportunity to grow this business both inside and outside of China, and over time we hope to utilize its supply chain to help improve our component costs globally. We plan to apply engineering and operational resources to help Changjiang Crane accelerate its product and manufacturing development, building upon the significant accomplishments of the existing management team.”

The current CEO of Changjiang Crane, Mr. Wang Li, will remain in that position. He commented, “We look forward to the additional growth and development of Changjiang Crane as the newest member of the Terex Cranes family.”