Terex Corporation has announced it has agreed to sell its India-headquartered compact construction business to Manitou.
The deal is the latest in Terex’s divestment of its construction equipment activities, following the sale of its Coventry unit to Groupe Mecalac last December.
The deal will see Manitou add to its portfolio of compact construction equipment, where it manufactures and sells skid steer loaders through its Gehl and Mustang businesses.
The sale is subject to customary closing conditions and is expected to close in the first half of 2017. The price has not been disclosed.
John Garrison, Terex president and CEO, said, “We are pleased to enter into this agreement with Manitou. Manitou is a strong strategic buyer with the resources and desire to further grow the business as an industrial base for Asia and emerging markets.
“For Terex, the sale of TEPL represents the disposition of the last significant asset held for sale in Terex’s former construction segment.”
He added that this was an important milestone in executing Terex’s commitment to focus on its core product portfolio, which included cranes, AWPs and material processing.