2019 has already been a busy year for Terex Corporation, as the company 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, chairman and chief executive officer, Terex. “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, chief executive officer of Custom Truck One Source 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.”
Following this transaction, along with the sale of Demag mobile cranes to Tadano, Terex will continue to remain in the rough terrain and tower crane business.
“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,” said Garrison. ”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.”