The Manitou group has acquired Terex Equipment Private (TEPL) based in Greater Noïda, India. This acquisition, from Terex Corporation, will be finalised during the first half of 2017.
Founded in 2003, TEPL specialises in the design, manufacturing and distribution of construction equipment, mainly backhoe loaders and skid steers.
It achieved a €30 million revenue in 2016, mostly in Southern Asia. Manitou Group said the deal reinforces its ambitions in the handling market in India and, on a broader level, in Asia and emerging countries. It means Manitou will have a well-established company in India supported by a structured dealership network and a solid service organisation.
Michel Denis, president & CEO of Manitou Group, said, "This acquisition perfectly fits our strategy to reinforce our presence on emerging markets. TEPL has a solid dealer network which we will continue to further develop. TEPL produces high-quality products with a very efficient spare parts and service organization, and will be a strong industrial base for Manitou Group to develop new product ranges for Asia and emerging countries".