OSAKA, Japan, June 21, 2016 /PRNewswire/ -- Yanmar Holdings Co., Ltd. concluded a final agreement with Terex Corporation (NYSE:TEX) of the United States (Terex) on June 20 (U.S. Eastern Time) to acquire Terex's European compact construction equipment business for approximately US$60 million.
Through this business, Terex carries out the production and sale of wheel loaders, midi/mini excavators, wheel excavators, and other products in Europe. Included in the acquisition are the manufacturing facility located in Crailsheim, Germany, and a parts distribution center located in Rothenberg, Germany.
The acquisition will allow Yanmar to further actively develop its business in the small to medium-sized construction machinery market in Europe by collectively utilizing the sales and service networks, and the industry's top-class product development and production knowhow of both companies. The acquisition is expected to be completed during the autumn of 2016 after the approval of Terex's shareholders and regulating authorities and the completion of all other required procedures.
Takehito Yamaoka, President, Yanmar Holdings Co., Ltd, said, "We are very happy to have concluded an agreement for the acquisition of Terex Corporation's compact construction equipment business, which possesses a strong Europe-based sales network and excellent products, including the distinguished German Schaeff series. I believe this tie-up will promote not only the short-term but also long-term growth of Yanmar's construction equipment business by expanding the Yanmar Group's compact construction equipment business and supplementing the sales network of our French subsidiary."
Yanmar was founded in Osaka in 1912, and succeeded in launching the world's first commercially viable small diesel engine in 1933. Thereafter, with its core business of industrial diesel engines, the company became a comprehensive industrial machinery manufacturer providing total solutions that integrate products, services and knowhow to multiple markets. The company maintains seven main businesses; compact and large engines, agricultural machinery and equipment, construction machinery, energy systems, marine equipment, machine tools, and components, which it develops on a global scale. Our mission statement is "We strive to provide sustainable solutions for needs which are essential to human life. We focus on the challenges our customers face in food production and harnessing power, thereby enriching people's lives for all our tomorrows." Furthermore, we aim to contribute to the realization of a resource-recycling society with "A SUSTAINABLE FUTURE" globally in the business fields of "land", "sea" and "city". Please refer to Yanmar's website for more details: https://www.yanmar.com/
Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (http://www.terex.com) and its Facebook page (http://www.facebook.com/TerexCorporation) to make information available to its investors and the market.
Information contained in the news release is valid at the time of publication and may differ from the most recently available information.
SOURCE Yanmar Holdings Co., Ltd.