Demag Cranes purchase completed

Terex Corporation has completed the purchase of shares tendered by Demag Cranes AG shareholders, and now owns 82% of the company's shares.

The shares were bought at €45.50 each. Ron DeFeo, Terex chairman and CEO, said, "We are very pleased with the addition of Demag Cranes to the Terex Group. Demag Cranes AG will add a new business segment to Terex with world-class products in industrial cranes and hoists, port technology and services.

"We are satisfied with the results of the tender process, and continue to believe strongly in the compelling industrial rationale of this deal and the growth opportunities for both companies," DeFeo added.