Latest:
Italmacchine bought out by Terex conglomerate
00:00 04 Nov 1998
|
by Fiona Kingston
US conglomerate Terex Corporation has revealed that it is to acquire Italian telescopic handler manufacturer Italmacchine. The firm, which supplies machines to the agricultural sector as well as construction, is expected to generate sales of around £14 million in 1998.
Commenting on the deal's attraction Ronald DeFeo, Terex's chairman and chief executive officer said: "Italmacchine represents an excellent growth opportunity for telescopic handler business," and added: "It provides an entry into the European telescopic handler market, which is larger than the North American market and adds a product line with superior cost and performance."
Alan Charlesworth, MD of European Cranes - Terex's lifting operation in the UK - said: "There'll be a meeting later this week to decide how it will be handled in the UK." At present Terex is in the process of restructuring its UK operations to accommodate its growing stable of machines.
This latest transaction, which is expected to be completed by the end of November, comes on the back of several other notable acquistions by Terex Corporation. These include O&K's mining business bought in the spring, platform manufacturer Simon Access bought last year, and rough terrain telescopic lift truck manufacturer Baraga - also bought in 1997.
November's acquisition, which will be absorbed into Terex's lifting operation is expected to benefit from the division's global distribution network. Machines currently distibuted by Terex Lifting include: telescopic mobile cranes; aerial work platforms; and truck mounted cranes.
A company spokesman commenting on Italmacchine's owned and relatively new factory said: "It has a flexible manufacturing profile which can lead to increased output with little or no capital outlay." Italmacchine is based in Perugia, Italy.
US conglomerate Terex Corporation has revealed that it is to acquire Italian telescopic handler manufacturer Italmacchine. The firm, which supplies machines to the agricultural sector as well as construction, is expected to generate sales of around £14 million in 1998.
Commenting on the deal's attraction Ronald DeFeo, Terex's chairman and chief executive officer said: "Italmacchine represents an excellent growth opportunity for telescopic handler business," and added: "It provides an entry into the European telescopic handler market, which is larger than the North American market and adds a product line with superior cost and performance."
Alan Charlesworth, MD of European Cranes - Terex's lifting operation in the UK - said: "There'll be a meeting later this week to decide how it will be handled in the UK." At present Terex is in the process of restructuring its UK operations to accommodate its growing stable of machines.
ADVERTISEMENT
This latest transaction, which is expected to be completed by the end of November, comes on the back of several other notable acquistions by Terex Corporation. These include O&K's mining business bought in the spring, platform manufacturer Simon Access bought last year, and rough terrain telescopic lift truck manufacturer Baraga - also bought in 1997.
November's acquisition, which will be absorbed into Terex's lifting operation is expected to benefit from the division's global distribution network. Machines currently distibuted by Terex Lifting include: telescopic mobile cranes; aerial work platforms; and truck mounted cranes.
A company spokesman commenting on Italmacchine's owned and relatively new factory said: "It has a flexible manufacturing profile which can lead to increased output with little or no capital outlay." Italmacchine is based in Perugia, Italy.
ADVERTISEMENT
Most Viewed Articles
ADVERTISEMENT