WESTPORT, CT, July 27, 2009 –Terex Corporation (NYSE: TEX) today announced that it has completed the acquisition of the port equipment businesses of Fantuzzi Industries S.a.r.l and Noell Crane for net consideration of approximately €155 million. Financial arrangements were made with existing financial creditors of Fantuzzi to provide Terex with long-term financing on favorable terms for substantially all of the acquisition price.
“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.”
The existing Terex reach stacker product line will be joined by the Fantuzzi product range that includes Noell branded straddle carriers, both Fantuzzi and Noell branded rail and rubber tired gantry cranes, mobile harbor cranes, ship-to-shore cranes, and reach stackers and forklift trucks designed to improve port productivity and throughput.
Safe Harbor Statement
This press release contains forward-looking information based on the current expectations of Terex Corporation. Because forward-looking statements involve risks and uncertainties, actual results could differ materially. Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this press release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this press release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.
Terex Corporation is a diversified global manufacturer with 2008 net sales of $9.9 billion. Terex operates in four business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, and Terex Materials Processing & Mining. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. More information on Terex can be found at www.terex.com.
After the celebration of 40 years of Straddle Carriers’ manufacturing and the delivery of No. 2000, we have been honored receiving repeated orders from PSA HNN Group – MSC HT Belgium for in total 53 diesel-electric Noell Straddle Carriers. The supply will be entirely made in Antwerp.
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This confirms that Noell Mobile Systems GmbH represents the benchmark in this technology: a clear sign of the commitment from our team which always dedicates the best efforts to keep customers fully satisfied.
We thank PSA HNN Group - MSC HT Belgium for these orders and are looking forward to these important and specific Straddle Carrier deliveries!
Noell Mobile Systems GmbH and VPA Virginia Port Authority signed, on 07th February 2008, the contract for the delivery of about 33 diesel-electric Noell Straddle Carriers, NSC 634 E, to Norfolk. This is the biggest single contract ever signed for Noell Straddle Carriers.
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Thus, Noell Mobile Systems GmbH thanks once again the Virgina Port Authority for the given trust and is looking forward to an ongoing fruitful partnership.
In Summer 2007 Noell Mobile Systems GmbH received an Straddle Carrier order from TCB, Container Terminal Barcelona, for the first time. Meanwhile, all 12 diesel-electric Noell Straddle Carriers NSC 644 E are running sucessfully and on the 23rd January 2008 it was the right time to celebrate this during an official ceremony hold at the terminal.
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We thank TCB very much for this order which was a milestone in the Southern Europe market and we are looking forward to future Straddle Carrier deliveries.
