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

  • UK output of machinery and equipment takes an early summer dip
    August 10, 2017
    UK output from companies involved in manufacturing equipment and parts turned down in June, according to the latest data from the Office for National Statistics (ONS). Output in June was 4.3% lower than May, but was still 3.3% higher than June 2016 levels. Output in June was the lowest for the past seven months - since November 2016 - and has resulted in the six-month moving average flattening out for the first time this year. Output in the second quarter of 2017 was 1% down on the first quarter, but was st
    Read More
  • Wacker Neuson reports strong financial performance
    August 9, 2018
    Munich-based Wacker Neuson is reporting a substantial increase in revenue and profitability for the first six months of 2018. According to the firm’s latest results, revenue is at a record high and there has been a marked improvement in profit before interest and tax. However bottlenecks among suppliers as well as currency developments have had a dampening effect on the results. Revenue for the first half of 2018 rose 8% to a new record high of €825 million, compared with €764 million for the same period i
    Read More
  • Better road surfaces to last longer
    August 23, 2013
    Preservation can make roads perform better and last longer - and save money in the long run. Kristina Smith reports BAM Wegen has laid the first ever half-warm porous asphalt section on a major highway in the Netherlands. The asphalt for the 500m-long test section on the A18 near Varsseveld was produced at 105°C rather than 160°C, representing a saving on energy and CO2 emissions of around 30%.
    Read More
  • Jennifer Rumsey to succeed Tom Linebarger as Cummins president and CEO
    July 15, 2022
    Jennifer Rumsey is to succeed Tom Linebarger as Cummins president and CEO.
    Read More

Highlighted Content