30.10.2025

Terex looks to sell Genie

Terex has entered into a definitive merger agreement with the Rev group, in a stock and cash transaction. As part of the agreement the merged company will look to sell or float off part of its AWP business - Genie - while retaining the Terex Aerials operation.

When the deal has been completed Terex chief executive Simon Meester, will become chief executive of the combined company. Terex will have seven seats on the board while Rev will have five. The deal is expected to close in the first half of next year.

Rev shareholders will receive 0.9809 of a share in the combined company plus $8.71 in cash ($425 million in total). Terex shareholders will own 58 percent of the combined business which will continue to be traded on the NYSE under the symbol TEX. The merged business will have revenues in the region of $7.8 billion. Made up the current full year forecasts of $5.4 billion from Terex and $2.4 billion from Rev.

The two companies said: “The merger will create a diversified leader in emergency, waste, utilities, environmental and materials processing equipment with attractive end markets characterised by low cyclicality, resilient demand and long term growth profiles. With a substantial U.S. manufacturing footprint, the combined organisation will be well positioned to benefit from domestic demand growth.”

Publicly quoted Rev manufacturers and sell specialty vehicles, primarily in the United States they include Specialty Vehicles which makes product such as ambulances and fire trucks, and the Recreational Vehicle division, which manufactures a variety of RVs, from Class B vans to Class A motorhomes.

Simon Meester of Terex said: "This transaction represents a transformative step for both companies. By combining our complementary portfolios and leveraging our collective strengths, we are creating a large scale, diversified industrial leader well positioned to capitalise on long-term secular growth trends. The transaction will unlock significant value for both Terex and Rev group shareholders and creates exciting opportunities for our team members and customers by strengthening our ability to invest in the combined business, innovate and deliver quality solutions."

Rev chief executive Mark Skonieczny added: "Joining forces with Terex is a natural evolution of our strategy of building a stronger, more profitable and scaled company by bringing together two highly respected organisations with shared values and a commitment to innovation, operational excellence, and customer success. We are beginning an exciting new chapter that will generate meaningful value for our shareholders, customers and employees."


Vertikal Comment

This an interesting one, and possibly understandable given the increasingly cyclical and increasingly competitive nature of the aerial lift market. It will mean that Terex will has transformed itself from a global construction equipment company to a largely domestic manufacturer of products for public services. What might prove to be less of a fit, is the Northern Irish material processing business under the Powerscreen brand, which also includes Franna cranes?

You could say that this will herald the end of an era – Terex acquired Genie in 2002, the same year that it took over Demag mobile cranes. At one point, Terex was heading for annual revenues of $10 billion on its own, it will now take a merger to reach $8 billion – many years later.

It will be very interesting indeed to see who ends up taking Genie. JLG/Oshkosh is probably ruled out on antitrust competition rules. It is more likely to involve a private equity buyer, in fact, it may well be one for Time Versalift’s owners? But this is all idle conjecture, nothing is likely to happen on this aspect for at least nine months.

Finally, this might not be the only major aerial lift manufacturer to change hands in 2026.