WESTPORT, Conn., April 24, 2019 (GLOBE NEWSWIRE) — Terex Corporation (NYSE: TEX) today announced that it has sold its boom truck, truck crane and crossover product lines to Load King, a subsidiary of Custom Truck One Source L.P. Included in the transaction are the assets and parts business associated with these product lines.
“This transaction completes one of the portfolio actions we announced in February,” said John L. Garrison, Terex Chairman and Chief Executive Officer. “We continue to implement our Focus, Simplify and Execute to Win strategy. By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”
Commenting on the transaction, Fred Ross, Custom Truck One Source Chief Executive Officer said: “I am delighted to announce this acquisition and its launch of boom truck, crossover and truck crane product lines under Load King’s brand. This is an important acquisition that expands our broad specialized truck and heavy equipment solutions offering.”
Mr. Garrison added, “We will work closely with Custom Truck One Source to ensure a smooth transition and will continue to sell parts to our boom truck, truck crane and crossover customers during an expected one-year transition period.”
Mr. Garrison concluded, “After completion of this transaction with Load King and the sale of Demag Mobile Cranes to Tadano, Terex will remain in the rough terrain and tower crane businesses. We will fulfill global demand for rough terrain cranes from our Crespellano, Italy facility, including the popular RT 100US and for tower cranes from our Fontanafredda, Italy facility. Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane, and other legacy crane products. We are investing in parts inventory and improving our operations to better serve these important customers.”