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The transaction, which is expected to close in the first half of 2014, will provide Volvo with off-highway rigid and articulated haul trucks.
Terex’s Motherwell, Scotland manufacturing facility is included in the transaction.
Terex Chairman and CEO Ron DeFeo says the sale of the truck business is part of a strategy to “focus on those businesses that provide the greatest returns for our shareholders.”
“Trucks no longer fit within our changing portfolio of lifting and material handling businesses,” DeFeo says. “I am confident that the truck business will benefit by joining a company sharing similar competencies and offering complementary products and services.”
“The addition of a well-respected range of rigid haulers extends the earthmoving options for customers involved in light mining applications at a time of renewed confidence in the sector,” Volvo CE President Pat Olney adds.
“The addition of TEL’s articulated hauler range will enhance our position in this segment, particularly in high-growth markets,” Olney continues. “We believe that the Motherwell facility and its global team members, as well as the current distribution partners, are valuable to the success of the business in the future.”
Our sister site Equipment World reports that the Terex truck business manufactures five rigid-frame models, ranging from the the 31.8-metric-ton TR35 to the 91-metric-ton TR100. The business makes three articulated truck models models, ranging from the 27.5-ton TA250 to the 41.9-ton TA400.