Port equipment manufacturer Fantuzzi Industries S.a.r.l in Italy will be acquired by Terex Corporation for Euro 215 million (US$321 million). Fantuzzi revenue in 2007 was about Euro 447 million ($666 million).
Subject to regulatory approval the transaction is anticipated to close in the fourth quarter of 2008.
“This acquisition provides us with an important growth opportunity in the intermodal transportation area of infrastructure,” said Ronald DeFeo, Terex chairman and chief executive officer. “The acquisition is an excellent fit with our strategy of expanding our market presence in related product areas and is a natural extension of our Cranes business. We expect this acquisition to be accretive to Terex earnings per share by the end of 2009,” DeFeo continued.
The existing Terex reach stacker product line will be joined by the Fantuzzi range, including Noell straddle carriers, Fantuzzi and Noell branded rail and rubber tyred gantry cranes, mobile harbour cranes, ship-to-shore cranes, and reach stackers and forklift trucks.
“We are truly excited to welcome these businesses and their team members, distributors and customers to the Terex Cranes family,” said Rick Nichols, Terex Cranes president.