Terex to acquire stake in Brazilian utility manufacturer
10 October 2011
Terex Corp is to acquire a controlling interest in Ritz do Brazil S.A. Ritz produces a wide range of electricity and utility equipment - including insulated aerial platforms - for the construction and maintenance of power lines up to 800kV.
Terex said the transaction will "represent a growth opportunity for both Ritz and Terex, increasing the global presence of both companies in a growth product category, while also strengthening Ritz's access to parts distribution and aftermarket support."
The Ritz product line includes truck-mounted aerial devices and a broad range of equipment for work on energized power lines. The company has headquarters in Belo Horizonte and an industrial plant in Betim, Minas Gerais and employees about 700 people.
Ritz serves Brazil's largest electrical utility companies and also exports its equipment to approximately 60 countries.
"Ritz has been in business since 1960 and is a trusted name in the industry," said Garry White, vice president and general manager of Terex Utilities.
"The acquisition is a natural extension of the Terex Utilities business and represents exciting growth opportunities for both companies. We will continue on the successful path Ritz has taken, searching for synergies, and growing the business through product technology transfer and investment in lean production.
"This is also a further demonstration of the Terex commitment to growth in the Latin American region," added Jacob Thomas, president of Terex Latin America. "We are very excited about the growth in our customer base, channel partners, product portfolio, and manufacturing footprint that will result from this acquisition."
Emil Ritz Jr, director-president of Ritz, said, "With the union of both companies, we shall extend our strength and competitiveness in the market. We shall benefit from the expertise and experience of one of the largest global producers of construction and infrastructure equipment and machines."
Access, Lift & Handlers will update this story as more information becomes available.
