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

  • Volvo CE president delighted with US$160 million acquisition of Terex haulers
    January 6, 2017
    New Volvo Construction Equipment president Martin Weissburg hopes that the group’s US$160 million December 2013 acquisition of the Terex Equipment rigid and articulated hauler business will be finalised during the second quarter of 2014. It has been an important move for Volvo he said.
    Read More
  • Volvo CE president delighted with US$160 million acquisition of Terex haulers
    March 5, 2014
    New Volvo Construction Equipment president Martin Weissburg hopes that the group’s US$160 million December 2013 acquisition of the Terex Equipment rigid and articulated hauler business will be finalised during the second quarter of 2014. It has been an important move for Volvo he said.
    Read More
  • Booming Chinese aggregate demand
    February 22, 2013
    Global demand for construction aggregates is set to increase 5.2% a year until 2015 to 48.3 billion tonnes, according to research by The Freedonia Group in the United States. The same source tips China alone to account for half of all new aggregate demand worldwide in the period 2010-2015. Guy Woodford reports on the growing importance of the Asian aggregates market. China is already the biggest nation for aggregate production and use in the world, and the competition among the giants of aggregate productio
    Read More
  • Brazil: Phase 2 of PAC infrastructure programme shows results
    December 18, 2014
    Brazil has built nearly 5,200km of roads in the past four years, according to a review of the federal government's PAC Phase 2 accelerated economic growth programme. Around 1,400 of the 5,200km were built under long-term concessions and another 7,000km are under construction. Total investment has been around US$24.43 billion. PAC is a strategic investment programme that combines management initiatives and public works, according to the World Bank. The first phase, launched in 2007, saw around $349 bil
    Read More

Highlighted Content