Terex completes acquisition of Demag Cranes AG
16 August 2011US-based construction equipment manufacturer Terex Corporation has completed acquisition of the shares tendered as part of the public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG at €45.50 ($65.53) per share.
With the purchase of the shares tendered, Terex now owns approximately 82% of the shares of Demag Cranes. Terex Corporation is a diversified global manufacturer operating in four business segments that include Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries. Terex chairman and CEO, Ronald DeFeo, was reported stating that the company is pleased with the addition of Demag Cranes to the Terex Group. He also added that Demag Cranes will add a new business segment to Terex with world-class products in industrial cranes and hoists, port technology and services.
