Terex explains Atlas deal

By Euan Youdale21 April 2010

Ron DeFeo, Chairman and CEO at Terex

Ron DeFeo, Chairman and CEO at Terex

Terex Corporation chairman and CEO Ron DeFeo explained today why the company divested the Atlas loader crane segment of the company.

One of the main reasons, he said via audio link at this morning's press conference, was due to the company's failure to expand the excavator section of Atlas in Asia. Terex had tried to buy a suitable Chinese manufacturer where it planned to produce "German quality equipment at Chinese prices," said DeFeo. However, an appropriate company could not be found.

As a result of this the company decided to divest this part of the Atlas brand, along with the knuckle boom cranes. Despite the fact that Terex now plans to focus on niche markets, DeFeo said the Atlas loader crane segment was intrinsically linked to the excavator line and it was not suitable to seperate them into the crane and contruction divisions.

Former Terex executive Fil Filipov is the new owner and chairman of the Atlas knuckle boom cranes and the excavator part part of the Atlas heavy construction equipment business, now named Atlas Maschinen. The price was undisclosed. An amount of capital was transferred with the business.

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