Terex Corporation has announced that it has agreed to sell its Coventry, UK, based compact construction business to a subsidiary of Groupe Mecalac.
The Coventry compact construction business manufactures and sells backhoe loaders, site dumpers and compact compaction rollers. The sale is subject to customary closing conditions and is expected to be finalised in 1H17.
“We are pleased to enter into this agreement with Mecalac as they are a logical strategic buyer and have the resources and capability to further grow the business,” commented John L. Garrison, Terex President and Chief Executive Officer. “For Terex, the sale of the Coventry compact construction business represents continuing progress in our strategy to focus our portfolio on those product categories where Terex has a significant presence in the market and that can provide the greatest returns for our shareholders.”
Gregg Horne, General Manager of the Coventry business, said: “We are pleased and excited about the opportunity to join the Mecalac family. They embrace our vision of market growth and product innovation for the Coventry products and share the same values in terms of quality and team working.” He added: “It will be very much business as usual for us and for our dealers and we are working towards a seamless transition during the first half of 2017.”
Read the article online at: https://www.worldcement.com/europe-cis/16122016/terex-to-sell-coventry-based-compact-construction-business/