Japanese company Yanmar Holdings has completed the acquisition of Terex Compact Germany, the small and medium sized European construction machinery business formerly owned by Terex Corporation.
This acquisition includes the Terex businesses producing and selling wheel loaders, excavators, wheel excavators, and other products in Europe, as well as the production, sales and development facilities in Crailsheim and parts distribution centre in Rothenburg. The acquisition cost was US$60 million.
Yanmar said the acquisition will greatly expand the sales and service networks of both companies in the major markets of Europe and North America, as well as boosting the product range and better meeting customer needs. It added that it was looking to increase is current ¥30 billion (US$288 million) overseas construction business sales to around ¥80 billion ($770 million) in 2020.
Takehito Yamaoka, president of Yanmar Holdings, said: “We have concluded an agreement for the acquisition of Terex Compact Germany, which possesses a strong Europe-based sales network and an excellent quality family of products.
“This will significantly expand the Yanmar Group's small and medium sized construction machinery portfolio. I am certain that the conclusion of this agreement will lead to significant growth for the group's construction machinery business."
Terex Compact Germany general manager Peter Hirschel added: “It is a great honour to be the most recent member of the Yanmar family. To have a strong parent company with Yanmar with long-term growth expectations is an outstanding situation for the Compact Germany business in our competitive market.
“We expect together with Yanmar to have a very interesting, complete and competitive product portfolio and an excellent dealer network. From our strong market position all customers, dealers, team members and the company will benefit.”