Terex completes Fantuzzi purchase
By Euan Youdale29 July 2009
Terex Corporation has completed the acquisition of port equipment companies Fantuzzi Industries S.a.r.l and Noell Crane for about €155 million (US$219 million).
Financial arrangements were made with existing Fantuzzi creditors to provide Terex with long-term financing. "We are quite pleased that Fantuzzi and Noell and their team members are now part of the Terex Cranes family," said Rick Nichols, president, Terex Cranes.
"Fantuzzi and Noell are unquestionably leaders in the design, manufacture and service of port equipment and, although the global economy is slow today, the longer term prospects for intermodal transportation remain very attractive and substantial in scope. This acquisition also helps diversify our cranes business and expands the product offering of Terex Cranes to the port industry beyond our current stacker product line," said Nichols.
The existing Terex reach stacker products will be joined by the Fantuzzi range that includes Noell branded straddle carriers, both Fantuzzi and Noell branded rail and rubber-tyred gantry cranes, mobile harbour cranes, ship-to-shore cranes, and reach stackers, as well as forklift trucks.