Agg-Net

The Aggregates & Recycling Information Network
Mobile Menu
From the organisers of
 

2020 / 2021 Edition

Order your copy here

Bucyrus complete acquisition of Terex mining business

BUCYRUS International Inc., have completed the previously announced (22 Dec) acquisition of the mining equipment business of Terex Corp. for US$1 billion in cash plus approximately 5.8 million shares of Bucyrus common stock.

The products divested by Terex include hydraulic mining excavators, electric-drive mining trucks, blasthole drills and highwall miners – commonly known as O&K, Unit Rig, Reedrill, Superior Highwall, Halco and Hypac – as well as related parts and after-market service businesses, including the company-owned distribution locations.

Bucyrus say the deal will double their addressable market from approximately US$15 billion to over US$30 billion and position the company as the world’s leading supplier of mining equipment, creating a team of approximately 10,000 people in nearly 100 locations around the world.

Commenting on the transaction, Tim Sullivan, president and CEO of Bucyrus, described it as a natural extension of the company’s current operations, while Terex chairman and CEO Ronald M. DeFeo said it was a positive step toward the transformation of Terex Corp. into a machinery and industrial products business.

Share this page