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31 July 2014

Terex Trucks MD speaks about firm’s acquisition by Volvo

First published31/07/2014
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Terex Trucks MD Paul Douglas
Terex Trucks MD Paul Douglas

Terex Trucks MD Paul Douglas said it’s “business as usual – but with added muscle” at the firm following its recent acquisition by Volvo Construction Equipment (Volvo CE).

In his first public announcement since the company’s acquisition was completed on 1 June 2014, Douglas said Terex Trucks would continue to operate as an independent business while at the same time drawing on the resources and expertise of its parent company.

Terex Trucks, said Douglas, will also retain its long-term commitment to its customers, products and dealers.

“Our new ‘owned but independent’ status gives us the best of both worlds,” Douglas explained. “We retain our lean and agile organisational structure, our entrepreneurial spirit, customer focus and speed of execution – but with the added benefits that being part of a global leader in the construction equipment industry brings with it.”

Douglas has also given a number of clear statements about Terex Trucks’ future. “The Terex Trucks name will remain for the long term and we remain fully committed to our entire customer base and product range. That means both rigid and articulated haulers will play important roles in the company’s future, and we will continue to support the entire field population with parts and service. We are also committed to retaining our dealer partners, our existing production footprint and our skilled and committed workforce. With a clear leadership strategy within the construction and mining equipment segments, Volvo CE is proving to be the perfect partner for us. At Terex Trucks it’s business as usual – but with added muscle.”

Terex Trucks’ new owner is also satisfied with its purchase. Andrew Knight, Volvo CE VP Strategy and Business Development, said, “Volvo CE has made no secret of its longstanding wish to offer customers a rigid hauler option. Terex Trucks products are well respected in the market and there is a large field population to support its parts business. Both rigids and articulated haulers provide a strong complement to Volvo CE’s product range, and since the deal closed we have had greater insight into the strengths of the business – reinforcing our view that Terex Trucks is a good strategic fit.

“Terex Trucks is a lean, agile and well-run organisation and Volvo CE will apply only a ‘light touch’ approach to its running,” continued Knight. “That said, we acquired this business with a very clear vision for the future with a strong desire to grow the business. As such we will be providing strong support in terms of resources and investment wherever it is required”.

“Becoming part of Volvo CE is also well timed in terms of market outlook,” concluded Douglas. “Although the mining sector – a big customer of Terex Trucks – is currently depressed, the benefits of our new investment and cooperation relationship with Volvo CE looks set to coincide with the cyclical upswing of the segment, further strengthening the acquisition rationale. Terex Trucks as part of Volvo CE provides a mutually beneficial best of both worlds for both companies – we are stronger together.”

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