Company announces sale of business to Yanmar Holdings for US$60 million in cash
TEREX Corporation have agreed to sell their German compact construction equipment business to Yanmar Holdings Co. Ltd for cash proceeds of approximately US$60 million.
The German compact construction business manufactures and sells midi-/mini-excavators, wheeled excavators and compact wheel loaders. Included in the transaction is the manufacturing facility located in Crailsheim, Germany, and the parts distribution center located in Rothenburg, Germany.
The sale, which is subject to government regulatory approvals and other customary closing conditions, is expected to close in the second half of 2016.
‘We are pleased to enter into this agreement with Yanmar, as they represent a strong strategic buyer for this business who value our quality designs, global team members and distribution partners,’ commented John L. Garrison, Terex president and chief executive officer.
‘For Terex, the sale of the German compact construction business is another step in our strategy to focus our portfolio on those product categories where Terex have a significant presence in the market and that can provide the greatest returns for our shareholders.’