Zoomlion ends pursuit of Terex Corporation
First publishedon www.AggBusiness.com
Zoomlion has ended its big money bid to acquire Terex Corporation.
In a statement to customers, Ken Lousberg, Terex Cranes president, said that discussions between the two construction equipment industry heavyweights over a near US$3.4 billion deal had been terminated. Lousberg said the recently announced sale of Terex Corporation’s Material Handling and Port Solutions business segment to Finland-based Konecranes for around $1.3 billion is proceeding as planned, subject to regulatory and Konecranes shareholder approval.
“We are pleased that this announcement brings several months of uncertainty to an end for our customers, our team members and our shareholders. With this uncertainty behind us, the Terex team can focus our full efforts on serving our customers,” said Lousberg. “The favourable impact of the MHPS sale will enhance our financial position, enabling us to invest in new products and services to serve you even better in the future.”
Terex Corporation, headquartered in Westport, Connecticut, manufactures cranes and construction and quarrying equipment for a number of industries, including construction, quarrying, manufacturing, shipping, energy and mining. It posted revenue of US$6.5 billion in 2015 and has about 20,400 employees.