Terex is selling its tower crane and rough-terrain crane business to Raimondi Cranes, based in Milan, Italy.
The deal includes Terex’s crane service and support operation in Wilmington, North Carolina, as well as two of its crane manufacturing facilities in Italy. The sale does not include the company’s Franna pick-and-carry cranes.
Raimondi says the acquisition will increase its employee numbers by 250 for a total of about 400 worldwide. It will broaden its current offerings of luffing jib cranes and tower cranes and expand into new business lines of self-erecting and rough-terrain cranes, the company says. The move also gives the Italian manufacturer, which has a strong presence in Europe and the Middle East, a boost to its plans to gain market share in North America.
“This transformative move, recognized as the most impactful deal in the industry over the past 20 years, marks the most significant acquisition in Raimondi’s history, representing a milestone into our journey to become a full-fledged global lifting conglomerate,” says Raimondi Group CEO Luigi Maggioni. “As market leaders in their segments, Terex Tower Cranes, Terex Self-Erecting Cranes and Terex Rough Terrain Cranes along with their U.S.-based service hub, will enable Raimondi to take its first major step toward diversification. By integrating Terex’s range of tower and rough-terrain cranes, we are creating synergies that enhance our ability to deliver a broader range of lifting solutions, paving the way for sustainable, accelerated growth.”
Raimondi says it plans “a seamless integration process, prioritizing continuity for Terex employees and customers.”
Terex CEO Simon Meester echoed those sentiments. "During the transition to Raimondi,” he said, “our team is committed to servicing and supporting our customers seamlessly.”
The sale is part of Terex’s strategy to focus more on its three main businesses. Those are its aerial-lift business, which includes Genie; materials processing, which includes crushing and screening equipment by such brands as Terex MPS, Magna, EvoQuip, Powerscreen and Finlay; and Environmental Solutions, which includes trash collection equipment and mobile, stationary and modular waste-recycling solutions, such as grinders, shredders and chippers.
Raimondi Cranes, owned by Arada Group, says the acquisition will help it reach its goal of $500 million in annual revenue by 2028. The company says the Terex purchase is expected to close in the fourth quarter this year, pending market regulatory approvals.
