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Terex Corporation (NYSE:TEX) announcedthat it has entered into an agreement to acquire 65 percent control of the privately held Shandong Topower Heavy Machinery Company located in Jinan, China, a company which currently manufactures lattice boom crawler cranes in the 70 to 360 ton class.
Terex also announced that it has entered into an agreement with Fujian South Highway Machinery Company (NFLG) to establish a mobile materials processing equipment manufacturing joint venture in Quanzhou, China. “These actions further escalate the growth opportunity for Terex in China, which has been steadily expanding with the addition of our Terex Port Equipment facility in Xiamen, and our new Aerial Work Platforms factory, nearing completion in Changzhou,” said Ron DeFeo, Terex Chairman and Chief Executive Officer. “We are enthusiastic about these ventures and the additional potential they bring to participate in the significant infrastructure and commercial development that we expect will be continuing across China for many years to come.” Founded in 2007, Topower Cranes has quickly established a reputation for producing high quality crawler cranes that are now mostly serving the energy industry, but have wider potential applications in Chinese and other Asian markets. “The acquisition of Topower will strengthen Terex’s position in the crawler crane market in China,” said Rick Nichols, President, Terex Cranes. “As a worldwide leader in cranes, we are confident that we can build on the expertise established by Topower, while bringing in the considerable experience that we have gained both in the Chinese market and through our extensive worldwide operations.” The Materials Processing joint venture, of which Terex will be 60 percent owner, will manufacture jaw crushers, cone crushers, impact crushers and screens for aggregates, mining and material recycling applications. “We chose NFLG to be our partner, based on their philosophy of product quality and innovation, and an established reputation earned over 20 years of serving Chinese customers in the concrete and asphalt industry,” said Kieran Hegarty, President, Terex Materials Processing. “This joint venture will offer us a unique chance to help shape the developing opportunities for mobile crushing and screening solutions in the Chinese market.” Terex expects to complete the Topower acquisition and the joint venture with NFLG later this year. |
