Manitou completes TEPL buyout

France-based Manitou group has finalised the acquisition of Terex Equipment Private Limited (TEPL) in India.

Founded in 2003, TEPL specialises in the design, manufacturing and distribution of construction equipment, mostly backhoe loaders and skid steer loaders and achieved a €30 million  revenue in 2016, mostly in Southern Asia.

Manitou Group said the aquisition reinforced its ambitions for the handling market in India and, on a broader level, in Asia and emerging countries.

Michel Denis, president & chief executive officer of Manitou Group said, “”We are very proud of this acquisition. With TEPL, Manitou reinforces its presence in emerging markets. We will continue to develop the TEPL solid dealer network as well as the services approach and to capitalize on the strong industrial basis to also develop new product ranges for Asia and emerging countries””.