Topower acquired by Terex

Terex Corporation will acquire 65% of privately held Chinese crane manufacturer Topower.

Jinan-based Shandong Topower Heavy Machinery Manufacture Co Ltd (Shandong Luneng Everbright Heavy Machinery Co Ltd) designs and manufactures crawler, gantry, derrick and bridge cranes. It was established in 2007. Offered is a range of hydraulic crawler cranes from 70 to 360 tonnes capacity branded EBHM.

Terex has also announced a joint venture with Fujian South Highway Machinery Company (NFLG) for manufacturing mobile materials processing equipment in China.

"These actions further escalate the growth opportunity for Terex in China, which has been steadily expanding with the addition of our Terex Port Equipment facility in Xiamen, and our new aerial work platforms factory, nearing completion in Changzhou," said Ron DeFeo, Terex chairman and chief executive officer.

"The acquisition of Topower will strengthen Terex's position in the crawler crane market in China," said Rick Nichols, Terex Cranes president.

Terex expects to complete both deals before the end of 2010.