Terex has announced it will sell its boom truck, truck crane and crossover product lines to a subsidiary of Custom Truck One Source, Load King.
Included in the transaction are the assets and business associated with truck product lines.
Terex Chairman and Chief Executive Officer John Garrison said the transaction completes one of the portfolio actions announced in February.
“By focusing on businesses where we have a strong market position, we can efficiently concentrate our improvement efforts to maximise value for our customers, team members and shareholders,” he said.
“We will work closely with Custom Truck One Source to ensure a smooth transition and will continue to sell parts to our boom truck, truck crane and crossover customers during an expected one-year transition period.”
Related stories:
- New global sales director for Terex tower cranes
- Terex Cranes returns to profitability in 2018
- Terex sells off Demag Mobile Cranes for $300M
“After completion of this transaction with Load King and the sale of Demag Mobile Cranes to Tadano, Terex will remain in the rough terrain and tower crane businesses.”
Garrison said Terex will fulfil global demand for rough terrain cranes from its Crespellano facility in Italy.
“Customers can be assured that we will continue to sell parts and provide support to rough terrain, tower crane, and other legacy crane products,” he said.
“We are investing in parts inventory and improving our operations to better serve these important customers.”
Custom Truck One Source Chief Executive Officer Fred Ross said the company was delighted to announce the acquisition and launch its boom truck, crossover and truck crane product lines under the Load King brand.
“This is an important acquisition that expands our broad specialised truck and heavy equipment solutions offering,” Ross said.