After announcing in February that it would sell its Demag crane line to Tadano, Terex says it has sold its boom truck, truck crane and crossover product lines to Load King, a subsidiary of Custom Truck One Source. Terex had made reference to a pending sale for these lines at the time of the Demag announcement.
“This transaction completes one of the portfolio actions we announced in February,” says John Garrison, Terex chairman and CEO. “By focusing on business where we have a strong market position, we can efficiently concentrate our improvement efforts to maximize value for our customers, team members and shareholders.”
Adds Fred Ross, CEO of Custom Truck One Source: “This is an important acquisition that expands our board specialized truck and heavy equipment solutions offering.” The company’s Load King division currently offers trailers and service, dump and water trucks.
The sale is the latest in a long line of moves Terex has made over the last three years as the company has narrowed its focus to core businesses of aerial work platforms, cranes and materials processing. The company has sold various businesses, including its Material Handling & Port Solutions segment, as well as its underperforming construction businesses.
As he stated during remarks made at the recent Bauma trade show, Garrison reiterated that Terex will remain in the rough terrain and tower crane businesses. The company’s rough terrain cranes are made in Crespellano, Italy, and its tower cranes are manufactured in Fontanafredda, 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,” Garrison says. “We are investing in parts inventory and improving our operations to better serve these important customers.”