Terex Corporation announced that it has agreed to sell its India-based compact construction business to Manitou. The sale is subject to customary closing conditions and is expected to be finalised in the first half of 2017.
Manitou is one of the leaders in all terrain material handling products. Terex Equipment Private Limited (TEPL) manufactures and sells backhoe loaders, engages in the sale of wheel loaders and contract manufactures and sells skid steer loaders.
John L. Garrison, President and Chief Executive Officer, Terex said, “We are pleased to enter into this agreement with Manitou. Manitou is a strong strategic buyer with the resources and desire to further grow the business as an industrial base for Asia and emerging markets.”
He adds, “For Terex, the sale of TEPL represents the disposition of the last significant asset held for sale in Terex’s former construction segment. This is an important milestone in executing on Terex’s commitment to focus our portfolio on those product categories where Terex has a significant presence in the market and that can provide the greatest returns for our shareholders.”