Zoomlion ends pursuit of Terex Corporation

Zoomlion has ended its multi-billion dollar 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$3.3 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 Konecra
May 31, 2016 Read time: 2 mins
RSSIn a statement to customers, Ken Lousberg, 2941 Terex Cranes president, said that discussions between the two construction equipment industry heavyweights over a near US$3.3 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.
Asphalt milling, paving & compaction

For more information on companies in this article

Related Content

  • DenimoTech focuses on today's challenges
    November 27, 2012
    Empty environmental commitments from governments, falling bitumen quality and the impact of the economic crisis - DenimoTech asked some of its global distributors about the challenges of today’s markets - Kristina Smith was there to listen in Competition from Chinese manufacturers; highways abandoned half-built; the worst year for road building in the last 20 years. These are challenging times for DenimoTech’s distributors whose goal is to sell the firm’s bitumen emulsion and polymer modified bitumen plants
    Read More
  • Road maintenance crisis hits UK and US, as experts gather in Paris
    January 9, 2015
    The road maintenance crisis in the United Kingdom and the United States is deepening amid estimates that it will take millions of dollars to stop highway infrastructure from crumbling, including falling prey to potholes. A recent report by the BBC in the UK said that at least one municipal council, the city of Leeds, is facing a bill of nearly US$153 million to patch up its potholed roads. In the United States, Senator Bernie Sanders is t
    Read More
  • Caterpillar’s latest results show some positive signals
    April 22, 2016
    Caterpillar has released its first quarter results for 2016, which show some positive results although market conditions remain tough. The firm’s first-quarter 2016 sales and revenues hit US$9.5 billion, down from $12.7 billion in the first quarter of 2015. First-quarter 2016 profit/share of $0.46 was down from a profit of $2.03/share in the first quarter of 2015. Excluding restructuring costs, profit/share was $0.67, compared with $2.07/share in the first quarter of 2015.
    Read More
  • New racetrack benefits from new technology
    December 3, 2014
    The use of new technology has helped pave the way for a new US racetrack Saving construction costs and meeting tight tolerances, sophisticated technology has helped deliver a quality racetrack surface within tight time constraints. The National Corvette Museum (NCM) in Bowling Green, Kentucky, lies close to Interstate 65 and now features a brand new racetrack, constructed with the assistance of the latest machine control technologies.
    Read More

Highlighted Content