Terex Corp. has an agreement to divest its Terex Atlas heavy-construction equipment unit in Ganderkesee, Germany, and knuckle-boom crane and related components businesses, in Vechta and Delmenhorst, Germany. The buyer has not been named and the terms of the agreement have not been released. The transaction is schedule to close in the second quarter of 2010.The announcement comes less than a month after Terex sold its mining equipment business to Bucyrus International Inc. for $1.3 billion in cash and Bucyrus stock.
The new agreement also calls for Terex to sell its heavy-construction equipment sales and service business in Bradford, England, and Terex's minority stake in the Atlas Chinese joint venture. Product lines being divested include crawlers, wheel and rail excavators, knuckle-boom truck loader cranes, and Terex Atlas-branded material handlers. The transaction also includes the Terex Atlas UK distribution business for truck loader cranes.
Terex compact excavators and compact wheel loaders, and the Terex Fuchs material handler line, both made in Germany; and Terex rigid and articulated trucks, backhoe-loaders, and other products manufactured in the U.K., will remain with the company.
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